Edtech startup upGrad raises $120 million funding from Temasek

upGrad on Monday said it has raised USD 120 million (about ₹897.3 crore) from Singapore-based Temasek, making this the first external fund-raise by the edtech major.

Since its inception in 2015, upGrad has been 100 per cent owned, funded, and run by its co-founders as a capital-efficient business.

The company will also pursue merger and acquisition (M&A) opportunities, expand graduate and post-graduate degree portfolio in India, and scale up operations to achieve its USD 2 billion revenue goal by 2026, it added.

“We welcome Temasek in our mission to power career success for each and every member of the global workforce as their trusted LifeLongLearning partner and drive meaningful career outcomes,” upGrad co-founder Ronnie Screwvala said.