Edtech startup upGrad on Monday said it has raised $120 million from Singapore-headquartered investment firm Temasek and that it will utilise the fresh funds for international expansion and acquisitions.
This is the first external funding raised by the edtech company that is in the business of providing higher education. Mumbai-headquartered upGrad has broken even, reporting revenue of Rs1,200 crore for 2020-21. The six-year-old startup now aims to scale up operations to achieve $2 billion in revenues by 2026.
