Edtech startup upGrad has secured Rs 287.5 crore (about $35 million) in funding from EvolutionX. This marks the initial debt financing for the Mumbai-based company in the current year.
The cash will be utilized by the company to support expansion, cover operational costs, and fulfill general corporate objectives.
upGrad’s board has approved a special resolution to issue 28,75,000 debentures at a price of Rs 1,000 each, with the aim of raising Rs 287.5 crore or $35 million.
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upGrad has successfully secured a total funding of more than $650 million to date, which includes $36.5 million raised through a right issue by Teamsek, founder Ronnie Screwala, and other investors in March of the previous year.
upGrad entered the offline higher education sector in 2022 and allocated $30 million to establish ten worldwide campuses in India, the US, and other areas.
About upGrad
Founded in 2015 by Ronnie Screwvala, upGrad is a pioneer in the online education revolution, focused on powering career success for a global workforce of over 1.3 billion.
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