upGrad raises $36.4 million through rights issue from Ronnie Screwvala, Temasek
UpGrad, a provider of upskilling platform services for management professionals, that it has raised Rs 300 crore ($36.4 million) through a rights issue from Temasek, a government investment vehicle in Singapore, co-founder and chair Ronnie Screwvala, and other minority shareholders.
Temasek invested Rs 81 crore ($9.8 million), while Screwvala provided Rs 212 crore ($25.7 million). According to the company's statement, an unnamed group of minority shareholders contributed the remaining Rs 7 crore ($850,014.9).
A rights issue is the distribution to current shareholders of subscription rights to purchase additional shares of a company's stock. The statement read: "The company is focusing on its organic and inorganic growth across numerous formal education sectors, via degree, diploma, and PhD programmes in conjunction with the greatest universities in India and around the world.
The 2015-founded startup from Mumbai purchased 10 businesses between 2020 and 2022, including two in the hiring industry, Wolves India and Rekrut India. In the release, upGrad also mentioned that it has hired 22,000 applicants this year. The company works on skilling, short-certification courses, bootcamps, job-linked programmes, as well as study-abroad companies across its acquired and major subsidiaries. It has 31 offices in India, the United States, the United Kingdom, Singapore, Vietnam, and West Asia.
This month, upGrad has spent a lot of money. Sunteck Realty leased the business a full commercial tower in Mumbai's Bandra-Kurla Complex (BKC) for 29 years, with a cumulative rental payment of Rs 2,000 crore over the course of the agreement. A seasoned Silicon Valley businessman named Dan Rosensweig to the board of directors of the edtech unicorn earlier this month.
The company was looking at potential acquisitions to expand its B2B (business-to-business) and workforce training capabilities, UpGrad co-founder Mayank Kumar said in February. The goal, according to Kumar, was to find businesses that have decreased their rate of cash outflow while maintaining their operations rather than those that were likely to fail if they made expense cuts.
UpGrad claims to have taught more than 7 million applicants in more than 100 countries through its network of more than 300 direct worldwide university partners, over 20,000 recruitment partners, and 3,000 corporate partners.
Screwvala, Kumar, and Phalgun Kompalli co-founded the business in Mumbai in 2015. In a fundraising round that included educational testing service and billionaire James Murdoch's Lupa Systems, it was revealed in June 2022 that the company had increased its valuation to $2.25 billion.
Temasek invested Rs 81 crore ($9.8 million), while Screwvala provided Rs 212 crore ($25.7 million). According to the company's statement, an unnamed group of minority shareholders contributed the remaining Rs 7 crore ($850,014.9).
A rights issue is the distribution to current shareholders of subscription rights to purchase additional shares of a company's stock. The statement read: "The company is focusing on its organic and inorganic growth across numerous formal education sectors, via degree, diploma, and PhD programmes in conjunction with the greatest universities in India and around the world.
The 2015-founded startup from Mumbai purchased 10 businesses between 2020 and 2022, including two in the hiring industry, Wolves India and Rekrut India. In the release, upGrad also mentioned that it has hired 22,000 applicants this year. The company works on skilling, short-certification courses, bootcamps, job-linked programmes, as well as study-abroad companies across its acquired and major subsidiaries. It has 31 offices in India, the United States, the United Kingdom, Singapore, Vietnam, and West Asia.
This month, upGrad has spent a lot of money. Sunteck Realty leased the business a full commercial tower in Mumbai's Bandra-Kurla Complex (BKC) for 29 years, with a cumulative rental payment of Rs 2,000 crore over the course of the agreement. A seasoned Silicon Valley businessman named Dan Rosensweig to the board of directors of the edtech unicorn earlier this month.
The company was looking at potential acquisitions to expand its B2B (business-to-business) and workforce training capabilities, UpGrad co-founder Mayank Kumar said in February. The goal, according to Kumar, was to find businesses that have decreased their rate of cash outflow while maintaining their operations rather than those that were likely to fail if they made expense cuts.
UpGrad claims to have taught more than 7 million applicants in more than 100 countries through its network of more than 300 direct worldwide university partners, over 20,000 recruitment partners, and 3,000 corporate partners.
Screwvala, Kumar, and Phalgun Kompalli co-founded the business in Mumbai in 2015. In a fundraising round that included educational testing service and billionaire James Murdoch's Lupa Systems, it was revealed in June 2022 that the company had increased its valuation to $2.25 billion.
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