UpGrad, India's largest online higher education company, has successfully joined the unicorn club after raising $185 million from Temasek, IIFL and IFC, reaching an estimated $1.2 billion valuation.
Commenting on the milestone, Ronnie Screwvala, Chairperson and Co-Founder, UpGrad, said that “they are delighted by investor’s interest ever since announcing their fundraise”.
“The company banked its first investment in the round from Temasek, followed by IFC and IIFL in the previous 60 days, said Mr. Screwvala, adding that they will announce future updates on mergers & acquisitions, and unlocking value as they develop”.
Mr. Screwvala stated that “the company is not a great fan of the unicorn tag, but it only praises them for achieving much bigger goals”.
UpGrad is among the leading Indian edtech startups that have recorded stellar growth in its recent quarters as students shift to online learning platforms given to shut down of schools & colleges during the pandemic.
The company is currently emphasizing on higher education, which includes all levels of education above K12. It aims to infleucne 1 billion people worldwide between the ages of 18 and 60 and is currently competing with Unacademy and Byju's.
In recent months, the company has pushed itself into the international markets, offering students with more than 100 courses in areas like machine learning, data science, artificial intelligence (AI), finance, blockchain, programming and law. These courses are in collaboration with universities such as Michigan State University, Geneva’s Swiss School of Business Management, and IIT Madras and IIT Delhi.
On the other hand, Byju's has become India's most valued online startup, with a valuation of $16.5 billion after its investment round in June. It raised $350 million from UBS, Blackstone, Phoenix Rising, Abu Dhabi state fund ADQ, and by Eric Yuan, Founder of video conferencing startup Zoom.