Mumbai-based UpGrad, an online higher education website is in the final stages of talks with the International Finance Corporation (IFC) to raise $40 million at a $850 million valuation, according to two people familiar with the situation.

The World Bank Group's private sector investment arm, the IFC, was one of the five companies with which the Ronnie Screwvala-backed entity was initially in talks for a funding round.

This week, Singapore's sovereign fund Temasek became upGrad's first foreign investor, writing a check for $120 million. “We are in advanced discussions with IFC,” Screwvala, who is also its executive chairman, said.

Upgrad Education Private Limited is a corporation that provides online higher education. Data sciences, digital marketing and networking, product management, and software development programmes are all available through the company. Customers in India are served by Upgrad Education.

UpGrad has established itself as the pioneer in the Indian education system, with an 85 percent programme completion rate, a comprehensive software platform, an outcome-based learning approach, an industry-relevant curriculum, good mentorship, and placement support.

The International Finance Corporation (IFC) is a multilateral financial organisation that provides investment, advisory, and asset management services to help developing countries grow their private sector. The International Finance Corporation (IFC) is a member of the World Bank Group with headquarters in Washington, D.C.