Upgrad Raises $36.4 Million Through Rights Issue From Ronnie Screwvala, Temasek, Others
Amount Raised
$36.4 Million
MumbaiDescription
upGrad, an upskilling platform services provider for management professionals, on Wednesday said it has raised Rs 300 crore ($36.4 million) from Singapore government investment vehicle Temasek, co-founder and chairperson Ronnie Screwvala as well as other minority shareholders, through a rights issue.While Screwvala contributed Rs 212 crore ($25.7 million), Temasek infused Rs 81 crore ($9.8 million). The undisclosed set of minority shareholders put in the balance Rs 7 crore ($850,014.9), as per the company’s statement.A rights issue is a dividend of subscription rights to buy additional stock in a company offered to existing shareholders. “The company is focused on its organic and inorganic growth across multiple verticals of formal education via degree, diploma and doctorate courses in partnership with the best universities in India and globally,” the statement said.The Mumbai-based startup, founded in 2015, acquired 10 companies between 2020 and 2022, including two in the recruitment space, namely Wolves India and Rekrut India. upGrad added in the statement that it had placed 22,000 candidates with jobs in the year so far.The company, which operates out of 31 offices across India, the United States, the United Kingdom, Singapore, Vietnam and West Asia, runs on skilling, short-certification courses, bootcamps and job-linked programmes, as well as study-abroad businesses across its acquired and main subsidiaries.upGrad has made some big spends this month