UpGrad is an Edtech startup turned Unicorn that secured $35 million in a debt funding round led by  EvolutionX. This marks the first debt funding round for this Edtech startup. The round saw the  participation of various new and existing investors. The company plans to use these fresh proceeds to  scale its operations, expand its network, enhance its platform, and increase its customer base. 

The board at UpGrad approved a resolution to allot 28,75,999 debentures at an issue price of Rs 1,000  each to raise $35 million. The company was previously planning to raise 100 million USD to close the  acquisition of Udacity. The investment will be used for operational expenses, business growth, and  general corporate purposes. This Mumbai-based startup has secured more than $650 million to date.  This includes the fund amount of $36.5 million raised last year in March through a right issue from  Temasek and others.  

UpGrad offers various programs in different areas including Data Science, Management, Law, and  Technology to working professionals, students, and enterprises. The startup data intelligence platform,  The Kredible mentioned that after this round, Temasek became the largest stakeholder of the firm with  a 20.7 percent stake while the co-founder of UpGrad, Ronnie Screwvala owns 22.4 percent of the  company. The unicorn established its presence in the offline higher education market in 2022. The firm  invested over 30 million USD to set up ten global campuses in the US, India, and other countries.  

This Edtech Unicorn mentioned a 72 percent increase in its operational revenue making it stand out at  Rs 1,194 crore during FY23. However, the company also had an 82 percent increase in its losses to Rs  1,114 crore in the same period. The company uses cutting-edge technology to provide its users with  the best learning experience. The interactive tutoring platform allows users to learn things easily while  having fun. The program is designed with the partnership and collaboration of top universities  worldwide. The company is planning to expand in the offline educational market in multiple cities  across India.  

Conclusion: 

Edtech Unicorn UpGrad secured $35 million in its first debt funding round from EvolutionX. The round  saw the participation of various new, existing, and angel investors. The startup plans to use these fresh  proceeds to scale its operations, expand its network, enhance its platform, and increase its customer  base. The unicorn has secured more than $650 million to date. This includes the fund amount of $36.5  million raised last year in March through a right issue from Temasek and others. The funds raised will  be used for operational expenses, business growth, and general corporate purposes. After this round,  Temasek is the largest stakeholder of the firm with a 20.7 percent stake while the co-founder of  UpGrad, Ronnie Screwvala owns 22.4 percent of the company. The unicorn established its presence in  the offline higher education market in 2022. The firm invested over 30 million USD to set up ten global  campuses in the US, India, and other countries.