Edtech unicorn upGrad has secured Rs 287.5 crore (approximately $35 million) in debt funding from EvolutionX, marking its first debt raise for the year.
According to regulatory filings accessed from the Registrar of Companies, upGrad’s board passed a special resolution to issue 28,75,000 debentures at an issue price of Rs 1,000 each, amounting to the $35 million raise. These funds will be allocated towards growth initiatives, operating expenses, and general corporate purposes.
This latest funding round adds to upGrad’s impressive fundraising history, bringing its total to over $650 million. Notably, the company raised $36.5 million through a rights issue from investors including Temasek, founder Ronnie Screwvala, and others in March of the previous year.
Temasek-backed upGrad has been actively pursuing strategic growth opportunities, including talks to raise $100 million for the acquisition of online education firm Udacity.
In 2022, upGrad expanded into the offline higher education space with a $30 million investment to establish ten global campuses across India, the US, and other regions, further cementing its position as a leader in the edtech industry.
