Higher edtech platform upGrad raises Rs 1,670 cr despite funding winter

Online higher education platform upGrad on Monday said it has raised $210 million (about Rs 1,670 crore) in a round that saw participation from ETS Global, Bodhi Tree, Kaizen Management Advisors and others — at a time when the Indian edtech companies are busy sacking employees amid the ongoing funding winter.

Founder Group also invested $12.5 million in the funding round to maintain their over 50 per cent ownership in upGrad, the company announced.

The edtech company said it is on track to record annual gross revenue of $400-500 million during FY23, out of which about 45 per cent of total revenue will be realised from its own-branded online courses and programmes.