Ronnie Screwvala, Temasek Pump INR 300 Cr In upGrad
Summary
The rest of the rights issue was mopped up by other minority stakeholders.Commenting on this development, a spokesperson from upGrad said, Yes, we confirm the internal round. The company is focused on its organic and in-organic growth across multiple verticals of formal education via degree, diploma and doctorate courses in partnership with the best universities in India and globally.The rights issue follows as upGrads consolidated net loss reached INR 626.6 Cr in FY22 as against INR 211.1 Cr in FY21, a jump of nearly 3X. The upskilling giants bottom line took a hit despite a 2X jump in operating revenue to INR 679.2 Cr from INR 327.1 Cr reported in FY21.The development also comes more than two months after the upGrads CEO Arjun Mohan bid farewell to the edtech unicorn.Founded in 2015 by Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh, upGrad is an edtech platform that provides higher education courses in collaboration with various universities. It is backed by the likes of Temasek, Murdochs Lupa Systems, International Finance Corporation, and IIFL, among others.Excluding the latest funding, upGrad has raised $555 Mn across multiple funding rounds since 2021, with the latest round of $210 Mn last year.Last year, the edtech giant was on an acquisition spree, picking up Work Better, Exampur, International School of Engineering (INSOFE), and Harappa Education, among others, during the year.However, this was followed by layoffs across upGrads group companies. Later on, upGrad Campus followed, firing 30% of its headcount, or about 120 people.Edtech in India has suffered the most since normalcy returned after the subsiding of the COVID-19 pandemic.