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upGrad has committed INR 2,150 Cr to establish AI excellence centres across Maharashtra, including collaborations with ATLAS SkillTech University for hybrid programs and partnerships with three global universities under the state's 'Educity' initiative
The initiative aims to train over 1 Mn students in AI and emerging technologies, focusing on both urban and rural areas, with a special emphasis on empowering 250,000 rural youth in underserved regions
This move comes as upGrad, valued at $2.25 Bn after raising $60 Mn from Temasek in October 2024, looks to expand its presence in the AI education space while preparing for a potential IPO by mid-2026
Integrated learning major upGrad
has signed an agreement with the Maharashtra government to set up AI excellence centres across the state with an initial investment of INR 2,150 Cr ($248.82 Mn).
A memorandum of understanding (MoU) in the presence of chief minister Devendra Fadnavis and upGrad cofounder Ronnie Screwvala at Davos. The initiative aims to position Maharashtra as a global hub for AI talent.
Under the partnership, ATLAS SkillTech University, supported by upGrad, will create hybrid programmes in design, digital transformation, AI and gaming as part of the Maharashtra State University of Eminence initiative.
The agreement includes setting up an urban university and some campus hubs in collaboration with three global universities under the state’s ‘Educity’ initiative.
“It’s exciting to see the government of Maharashtra taking concrete steps in enabling our talent with sharp resources they need to springboard onto the growth podium. There’s a very strong urban learning infrastructure that our state has and taking it to rural areas will only accelerate our commitment of producing the largest AI-ready talent pool for the world,” Screwvala said.
The second phase of the initiative will focus on empowering 2.5 Lakh rural youth in underserved areas. It will also include training professionals and fostering rural entrepreneurs in the not-for-profit sector.
“By empowering learners with cutting-edge, future-ready skills, we aim to bridge gaps and create transformative opportunities across urban and rural communities,” Indu Shahani, founding chancellor and president of ATLAS SkillTech University, said.
Started in 2015, upGrad offers online and hybrid skilling programmes, certifications, and bootcamps. It also facilitates diploma, master’s and executive doctorate programmes from top Indian and global universities, along with corporate skilling and recruitment services.
The edtech unicorn, which raised $60 Mn from Singapore state investment firm Temasek at a valuation of $2.25 Bn last October, recently posted a net loss of INR 1,141.5 Cr in FY23 on an operating revenue of INR 1,169.6 Cr.
Screwvala, who picked up Bharti Enterprises’ 1% stake in the company for $20 Mn last year, now owns 45% in upGrad and reportedly plans to take the company public by mid-2026.
The company counts Temasek, Murdoch’s Lupa Systems, International Finance Corporation and IIFL among its marquee investors, and has begun talks to raise INR 287.5 Cr in debt funding from EvolutionX Debt Capital in June 2024 to support its growth plans.
