upGrad, a Bangalore-based edtech startup, raised $185 million from Temasek Holdings Ltd, International Finance Corp. (IFC), and IIFL Group at a valuation of $1.2 billion, hitting unicorn status.
Set up in 2015, upGrad focuses on higher education and upskilling courses by partnering with colleges and universities such as Michigan State University, the IIT Madras and IIT Delhi.
Courses on its platform consist of digital marketing, product management, entrepreneurship, data analytics, data-driven management, and digital technology management. More than a million users have learned these courses, the startup said, among which over 62,000 are paid students.
Founder Ronnie Screwvala said upGrad will use the fresh funds to explore merger and acquisition opportunities. The company acquired test preparation company The Gate Academy and Rekrut India last year, and bought Impartus, a video-learning solutions provider, for ₹150 crore ($20.6 million) in May to bolster its presence in higher education market.
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