Screwvala's upGrad in final stage of negotiations to raise up to $150 million By CIOReviewIndia Team

Screwvala's upGrad in final stage of negotiations to raise up to $150 million

CIOReviewIndia Team | Friday, 27 November 2020, 12:58 IST

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Screwvala's upGrad in final stage of negotiations to raise up to $150 million

To raise $100-150 million for its expansion plan, Ronnie Screwvala-promoted upGrad, is in the final stage of negotiations with leading private equity and venture capital firms. 

 

Five firms have been shortlisted after multiple rounds of discussions. The firms include  TPG, Carlyle Group, Kedaara Capital, IFC Venture Capital and CDC Group. 

“The edtech space has seen a massive growth during the lockdown and investors all over the globe are looking at opportunities to invest in this sector. Companies like Byju’s and Unacademy have raised funds at very high valuations already,” said one person.

“So far, Screwvala has invested over $25 million in upGrad and has not raised any equity funding. Now that Screwvala is looking for $100-150 million for the next phase of growth, a lot of investors are showing interest,” said another person who evaluated the plan. Screwvala declined to comment.

“upGrad is looking to close this fiscal with a revenue of 1,200 crore. It’s a massive jump from 20 crore in FY17 to 230 crore in FY20. The funds will help the company in organic as well as inorganic expansion,” the person said.

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