Temasek invested INR 81 Cr and upGrad’s cofounder and chairperson Ronnie Screwvala contributed INR 212 Cr
Excluding the latest funding, upGrad has raised $555 Mn across multiple funding rounds, entering the unicorn club in 2021
The rights issue follows as upGrad’s consolidated net loss reached INR 626.6 Cr in FY22, even as revenue doubled to reach INR 679.2 Cr
Edtech major upGrad has raised INR 300 Cr via a rights issue, seven months after it raised $210 Mn (around INR 1,728 Cr) in a funding round in August 2022.
In a press statement, upGrad said existing investor Temasek invested INR 81 Cr and upGrad’s cofounder and chairperson Ronnie Screwvala contributed INR 212 Cr. The rest of the rights issue was mopped up by other minority stakeholders.