According to media reports, edtech unicorn, upGrad in talks to secure USD 34 million in debt funding from EvolutionX, an investment firm supporting growth-stage businesses across Asia. This funding round is a strategic move by upGrad to expand its offerings and strengthen its position in the competitive edtech space.
The USD 34 million infusion from EvolutionX is aimed at energising upGrad's growth strategy, scaling operations, developing new products, and possibly exploring new markets.
Co-founded by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli in 2015, upGrad has become a major player in online education. According to media reports, the company offers higher education and upskilling programs targeting working professionals and students seeking better career trajectories.
According to media reports, the decision to opt for debt funding instead of equity funding indicates upGrad's desire to maintain control over operations and avoid dilution of ownership. This approach is suitable for firms with a clear path to earnings and a robust revenue model, both of which upGrad claims to have demonstrated.
Media reports also highlight that EvolutionX has deep roots in major financial institutions and a long history of investing in high-growth technology companies across Asia.
