Temasek, the sovereign wealth fund of Singapore, has committed an additional $60 million to Upgrad, maintaining the startup’s valuation at $2.25 billion, the same as in its last funding round, according to sources. In a related development, Ronnie Screwvala, the founder and chairman of the edtech platform, has acquired Bharti Enterprises’ 1% stake in Upgrad for $20 million. This stake was initially held by Bharti after Upgrad’s acquisition of Centum Learning, a skilling and training company, through a stock swap in 2022. Following the exit of co-founder Mayank Kumar, Screwvala is expected to take on a more prominent role within the organization.
Furthermore, there are reports of an upcoming funding round. With this transaction, Screwvala now controls a significant 45% of Upgrad, positioning him as one of the few entrepreneurs with a substantial share in a venture-backed startup. He is also contemplating a public offering for the company within the next seven to eight quarters.
Currently, Upgrad is generating a quarterly revenue of approximately ₹600 crore, projecting an annual revenue of about ₹2,400 crore for the current financial year, as indicated by sources. The latest funding round, totaling $80 million—which includes the secondary transaction between Bharti Enterprises and Screwvala—marks the third-largest investment in the edtech sector despite ongoing challenges in the industry.
So far this year, edtech startups have collectively raised around $650 million, a significant drop from the $4.1 billion secured in 2021, yet surpassing the $315 million raised in the entirety of 2023.