The funding helps UpGrad achieve unicorn status at a valuation of $1.2B. Here are the top-line bullets you need to know.
UpGrad, an Edtech platform, has raised $185M in an extended Series B. The round drew participation from Temasek, International Finance Corporation, and IIFL.
How’s the company performing?
- Mumbai-based UpGrad is an online learning platform that provides higher education courses. The company has partnered with colleges such as IIT Madras, IIT Delhi, Michigan State University, and the Swiss School of Business Management in Geneva. The platform offers over 100 courses in data science, AI, machine learning, blockchain, programming, finance, and law.
- According to the company, the platform’s courses have been accessed by more than 1M users from more than 40 nations. UpGrad claims to have over 62,000 paid students.
- UpGrad’s monthly revenue crossed the $14M mark in April 2021, and it achieved an ARR of $165M.
Why does the market matter?
- The education technology market is projected to grow at a CAGR of 16.1% and reach $181.3B by 2025, according to Markets and Markets.
- Global annual spending on education technology is projected to reach $342B by 2025, according to HolonIQ.
- Increasing penetration of digital devices and advances in technological integration are some of the key drivers of this growth.