upGrad closes INR 300 Crore Rights Issue from existing shareholders and Founders

upGrad closes INR 300 Crore Rights Issue from existing shareholders and Founders

Delhi, 30 March 2023: Asia’s largest integrated learning, skilling, and workforce development company – upGrad confirmed that an internal Rights Issue was completed for INR 300 crore. In this internal round, Temasek contributed INR 81 crore and Ronnie Screwvala – Co-founder & Chairperson at upGrad, contributed INR 212 crore, while other minority stakeholders completed the balance.

Commenting on this development, a spokesperson from upGrad said, “Yes, we confirm the internal round. The company is focused on its organic and in-organic growth across multiple verticals of formal education via degree, diploma, and doctorate courses in partnership with the best universities in India and globally. upGrad is also focused on a large segment of Skilling, Short-Certification courses, Bootcamps, and Job-linked programs coupled with the fast-growing sector of Study Abroad. We continue to maintain our leadership of being the largest enterprise and workforce development company in Asia. Completing 22,000 placements into jobs just this year is a testament to our model and the high level of interactive deep learning we offer our learners and working professionals around the world.”

upGrad operates out of 31 offices located in India, USA, UK, Middle East, Singapore & Vietnam.

Rabindra

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