upGrad has become India’s 21st unicorn this year. It is the third homegrown edtech unicorn after BYJU’S and Unacademy. The Mumbai-based startup is now valued at $1.2 billion after raising $185 million in a continuous round led by Temasek ($120 million), IFC ($40 million), and India Infoline Finance ($25 million).
upGrad founder group consisting of Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, continue to own over 70 percent of the company. IIFL is the latest to join upGrad’s cap table. Incidentally, it had also led a $50 million round in BYJU’S earlier in June.
Commenting on the new unicorn status, Founder-Chairman Ronnie Screwvala said, “We are pleased with the investor interest ever since we opened up for a fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days. We will announce further updates on M&As, and unlocking value as they unfold. The valuation is at $1.2 billion, but as I keep saying, we are not a fan of the tag ‘unicorn’. For us, it is only a means to a much larger goal.”
Moreover, reports suggest that upGrad is in further talks to raise a $400 million round at a $4 billion valuation.