UpGrad enters Unicorn club with $185 million fundraise
Singapore’s Temasek, World Bank’s International Finance Corporation, and IIFL financed the new round
Bengaluru-based UpGrad said on Monday it has raised $185 million in a new financing round that valued it at $1.2 billion.
Singapore’s Temasek, World Bank’s International Finance Corporation, and IIFL financed the new round.
“We are pleased with the investor interest ever since we opened up for fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days,” said Ronnie Screwvala, co-founder and chairperson of upGrad.
In April, UpGrad had raised $120 million from Temasek, a global investment company headquartered in Singapore.
“We will announce further updates on M&As, and unlocking value as they unfold. Yes, the last value was at $1.2 billion but as I keep saying, we are not a fan of the tag name, unicorn. For us, it is only a means to a much larger goal,” Screwvala added.