The higher education and upskilling startup raised US$120mil from Singapore-based investor Temasek Holdings Pte, according to its co-founder. That’s the first time UpGrad – which had been funded entirely by Screwvala and its founding team since it was established in 2015 – is getting an external investor.
The Mumbai-based startup, currently at an annual revenue run rate of US$165mil, wants to use the capital to scale to overseas markets, make acquisitions, expand its graduate degree portfolio and launch an app that will offer everything from master classes to soft skills training. It’s quite a turn for the entrepreneur, who became famous after producing avant garde Bollywood blockbusters. Screwvala runs his own investment firm to bet on startups and manages the family’s non-profit called Swades Foundation that works to alleviate rural poverty.