upGrad, the leading online higher education company, has announced that it has raised$120 million from Temasek, a global investment company headquartered in Singapore. This is the first external funding raised by the edtech major. Since its founding six years ago in 2015, upGrad has been 100% owned, funded, and run by its co-founders as a capital-efficient business.
upGrad plans to use the fresh capital to further strengthen its team, scale its global market operations, bolster its technology and product capabilities, pursue M&A opportunities, expand graduate and post-graduate degree portfolio, and scale up operations to achieve its $2 billion revenue goal by 2026, thereby reinforcing its position as an industry leader.
Scale up operations to achieve its $2 billion revenue goal by 2026
upGrad Co-Founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli said in a joint statement,“We welcome Temasek in our mission to power career success for each and every member of the global workforce as their trusted Life Long Learning partner and drive meaningful career outcomes. This capital will further fuel our commitment towards expanding to new international markets as we march forward with our goal of offering affordable, accessible, available and relevant higher education.”
The global edtech leader is preparing to launch its online courses in the region, empowering local talent and readying them for careers of tomorrow.