upGrad has allotted 5 lakh non-convertible debentures at face value of INR 1000 per share to IIFL Income Opportunities Fund
The debt raise comes a month after the company announced that it would revoke salary cuts for employees
upGrad, like most Indian edtech startups, claimed to have witnessed a spike in users during the lockdown
Indian edtech startup upGrad has raised a debt of INR 50 Cr from IIFL Income Opportunities Fund – Series 2. According to filings with the Ministry of Corporate Affairs accessed by Inc42, the company, on August 7, allotted 500,000 unlisted, secured and redeemable Non-Convertible Debentures at a face value of INR 1,000 each to IIFL Income Opportunities Fund – Series 2.
The IIFL Income Opportunities Fund – Series 2, is owned by IIFL Asset Management Limited, an India-focused global asset management firm, launched with an objective of providing differentiated investment products suited for the market environment.