upGrad raises $210 mn funding, eyes acquisitions in US, Southeast Asia

Ronnie Screwvala-led edtech unicorn upGrad said it has raised a funding of $210 million from marquee investors and Family Offices who join the company cap-table.

This round has witnessed participation from ETS Global (world’s largest TOEFL & GRE Test Leader), Bodhi Tree (a JV of James Murdoch & Uday Shankar), Singapore’s Kaizen Management Advisors Pvt. Ltd, Family office of Bharti Airtel, Narotam Sekhsaria Family Office (Ambuja Cements and ACC), and Artian Investments (Family Office of Lakshmi Mittal – ArcelorMittal) along with existing investors Temasek, IFC and IIFL.

The funding has helped the firm double its valuation to $2.25 billion, according to the sources. Founder Group also invested $12.5 million in this round to maintain their over 50 per cent ownership in upGrad.