upGrad, an online higher education company, Monday announced that it has raised $120 million from Temasek, the Singapore based investment company. This is the first external funding raised by the firm.
Since its founding six years ago in 2015, upGrad has been 100% owned, funded, and run by its co-founders as a capital-efficient business.
upGrad said it will use the fresh capital to further strengthen its team, scale its global market operations, bolster its technology and product capabilities, pursue M&A opportunities, expand graduate and post-graduate degree portfolio in India.
upGrad Co-Founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli in a joint statement said, "This capital will further fuel our commitment towards global expansion as well as deeper India penetration, as we march forward with our goal of making India the teaching capital of the world.”
