Ronnie Screwvala’s UpGrad Reportedly Worth More Than $2 Billion After Fund Infusion by Lakshmi Mittal and Sunil Bharti Mittal

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  • UpGrad Raised $225 million from James Murdoch’s Lupa Systems, Educational Testing Service.
  • Lakshmi Mittal from ArcelorMittal SA and Sunil Bharti Mittal van Bharti Airtel also took part in the round.
  • UpGrad offers higher education courses in partnership with 300 universities such as Liverpool Business School.

Ronnie Screwvala’s higher education company UpGrad has reportedly doubled its valuation to $2.25 billion after another round of fundraising.

The seven-year-old edtech startup raised $225 million from James Murdoch’s Lupa Systems, Educational Testing Service and existing investor Temasek, according to an Economic Times
report cite sources.

The family offices of Indian billionaires such as Lakshmi Mittal of ArcelorMittal SA and Sunil Bharti Mittal of Bharti Airtel also joined the round. https://gotechbusiness.com/ India has contacted UpGrad for more information about the fundraiser.

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Founded in 2015 by serial entrepreneur Ronnie ScrewvalaMayank Kumar, Phalgun Kompalli and Ravijot Chugh, UpGrad offers higher education courses in partnership with 300 universities such as Liverpool Business School, Deakin University, Swiss School of Business and Management.

The company claims to have a student base of more than 2 million students in 100 countries. It also claims to have a customer base of 1,000 companies looking to provide upskilling courses for its employees.

The company has raised $200 million to date, excluding this current round. It counts IIFL Finance, International Finance Corporation and Unilazer Ventures as investors. The company raised $185 million in August 2021 at a valuation of $1.2 billion.

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