Indian edtech startup upGrad's valuation doubles to $2.25b after funding from Murdoch

upGrad founders

Ronnie Screwvala-founded Indian edtech startup upGrad has doubled its valuation to $2.25 billion after raising $225 million in a round that included billionaire James Murdoch’s Lupa Systems and U.S. testing and assessment provider Educational Testing Service, Bloomberg reported.

The family offices of Indian billionaires Lakshmi Mittal of steelmaker ArcelorMittal SA and Sunil Bharti Mittal of telecom operator Bharti Airtel participated in the round, as did existing investors including Temasek Holdings Pte, the report added

upGrad declined to comment on a DealStreetAsia query seeking confirmation.

As the demand for online education slows and investor confidence wanes, edtech startups have been facing a funding crunch and resorting to drastic steps including layoffs to stay afloat.

Mumbai-based upGrad spans several segments from test prep to overseas education and undergraduate degrees to campus courses in 250 universities. Its offerings include finance, law, business and software courses for the 18-60 age group. Screwvala founded upGrad in 2015 with Mayank Kumar and Phalgun Kompalli to offer short courses on entrepreneurship and data science. The founders own about 55%  equity in the company.

In the financial year ending next March, an estimated 3 million learners will take up upGrad courses that run from a few months to a few years, and cost 50,000 rupees ($640) to 800,000 rupees. Besides India, the startup has a presence in Indonesia, Vietnam and the Middle East.

upGrad is also eyeing acquisitions both in the online and offline space in the upskilling domain focused on working professionals.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

This is your last free story for the month. Register to continue reading our content