Upgrad Raised $25 Mn from IIFL Group; Hits $1.2 Bn Valuation. Know More
Mumbai, Aug 9: Leading online education platform Upgrad has raised its third external funding of USD 25 million from the IIFL Group, helping the re/up-skilling company join the unicorn club with a valuation of USD 1.2 billion. The Ronnie Screwvala firm got its maiden external funding in late April when the Singaporean investment giant Temasek Holdings invested USD 120 million, and in the same week the World Bank Group arm International Finance Corporation chipped in with USD 40 million, valuing it at USD 850 million.
As of August 2, 17 startups became unicorns in 2021, taking the coveted tally to close to 60 when the Pune-based Mindtickle, became one after raising USD 100-million funding round from Softbank’s Vision Fund 2. A recent Credit Suisse report said there were over 100 unicorns in the country and the number is growing at a faster pace. The new set of the 17 unicorns include — social media startup Sharechat, wealth management company Groww, messaging platform Gupshup, social commerce startup Meesho, epharmacy Pharmeasy, logistics tech startup Blackbuck, online automobile marketplace Droom, ecommerce firm Ofbusiness, fintech firm Cred, ecommerce platform Moglix, banking tech startup Zeta and SaaS software testing startup Browserstack, among others.
Upgrad, co-founded by ex-media baron Screwvala, Phalgun Kompalli, Mayank Kumar and Ravijot Chugh by investing just over Rs 170 crore in 2015, said in a statement on Monday that with the USD 25 million investment from IIFL Group, it has so far raised USD 185 million in equity capital from external investors, valuing it at USD 1.2 billion. But the statement did not disclose how much equity has been diluted to IIFL for the investment. In April, founder chairman Screwvala had told .