Temasek invests $120 mn in edtech platform upGrad

UpGrad, the edtech platform founded by entrepreneur Ronnie Screwvala, on Monday said it has raised $120 million from Singapore’s Temasek in its first external funding since it was founded six years ago.

The Mumbai-based firm, which offers online courses in the higher education space, will utilize the funds to expand outside India and acquire smaller firms. upGrad has broken even and reported a revenue of ₹1,200 crore in 2020-21. The startup aims to scale up operations and eyes $2-billion revenue by 2026.

“upGrad plans to use the fresh capital to further strengthen its team, scale global market operations, bolster its technology and product capabilities, pursue M&A opportunities,