UpGrad turns unicorn after $185 million fund raise from Temasek, IFC, others

BENGALURU: UpGrad, the edtech company co-founded by Ronnie Screwvala, has turned a unicorn after a new funding round of $185 million from Singapore's Temasek,

IFC

(

International Finance Corp

) and IIFL.


Upgrad, which is now valued at $1.2 billion, joins the rapidly growing list of unicorns this year - already more than 20 - as the funding frenzy continues in the ecosystem.

"We are pleased with the investor interest ever since we opened up for a fund raise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days. We will announce further updates on M&As, and unlocking value as they unfold," Screwvala said.

The company is currently focussing on higher education - everything above K12. It aspires 1 billion workforce across the age group of 18 to 60 years across the globe.

The edtech industry in India has seen a deluge of funding and consolidation. Companies like Byju's and Unacademy have mopped up smaller rivals throughout this year.

Vedantu

is another major company in this space. Temasek led a $440 million round in Unacademy earlier this month at a valuation of $3.4 billion.