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upGrad Secures $35 Million Debt Financing from EvolutionX

upgrad

Mumbai-based edtech unicorn upGrad has raised Rs 287.5 crore (approximately $35 million) in debt financing from EvolutionX, marking its first debt funding of the year. According to a regulatory filing accessed from the Registrar of Companies, upGrad’s board has approved a special resolution to issue 28,75,000 debentures at Rs 1,000 each, raising Rs 287.5 crore ($35 million). The funds will be utilized for growth, operational expenses, and general corporate purposes.

To date, upGrad has amassed over $265 million, including $36.5 million through a rights issue from Temasek, founder Ronnie Screwvala, and others in March last year. The Temasek-backed company has also been in discussions to secure $100 million for the acquisition of online education firm Udacity.

Read more: Zepto Raises $665 Million at $3.6 Billion Valuation in Largest Funding Round of 2024

Data from startup intelligence platform TheKredible shows that Temasek holds a 20.7% stake in upGrad, while co-founder and chairperson Ronnie Screwvala owns a significant 22.4% share. In 2022, upGrad ventured into the offline higher education sector, investing $30 million to establish ten global campuses across India, the US, and other regions.

The company’s operational revenue soared by 72% to Rs 1,194 crore in FY23 from Rs 692 crore in FY22, although its losses also climbed by 82% to Rs 1,114 crore in FY23. upGrad has yet to release its annual results for FY24.

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