upGrad Secures $60 Mn From Temasek
Upgrad's founder and chairman Ronnie Screwvala acquired Bharti Enterprises’ stake in the company for USD 20 million
Temasek, the Singaporean sovereign wealth fund, has invested an additional USD 60 million in Upgrad, a startup focused on higher education and upskilling, maintaining its valuation at USD 2.25 billion, according to sources familiar with the situation.
In a separate development, Upgrad's founder and chairman Ronnie Screwvala has acquired Bharti Enterprises’ stake in the company for $20 million. Bharti Enterprises previously held a 1 per cent stake following Upgrad’s acquisition of Centum Learning in 2022 through a stock swap.
Screwvala, a seasoned entrepreneur known for founding United Television (UTV), now owns a 45 per cent share in Upgrad and is taking on a more significant role in the company after co-founder Mayank Kumar's recent departure.
As per the media report, Screwvala is also preparing for an upcoming funding round and aiming to take Upgrad public within the next 7 to 8 quarters.
