Entrepreneur Stories
Upgrad Raises $60 Million from Temasek at a $2.25 Billion Valuation!
Singapore’s sovereign wealth fund Temasek has injected an additional $60 million into the edtech startup Upgrad, maintaining its valuation at $2.25 billion, according to sources familiar with the development. This funding comes at a critical time as Upgrad is gearing up for an IPO within the next two years.
Strategic Moves by Upgrad
In a parallel move, Upgrad’s founder and chairman, Ronnie Screwvala, has purchased Bharti Enterprises’ 1% stake in the company for $20 million. This acquisition follows Upgrad’s 2022 stock-swap deal to acquire Centum Learning, a skilling and training solutions company. With this buyout, Screwvala now holds a 45% stake in Upgrad, further solidifying his control over the firm.
Leadership Changes
Screwvala, a veteran entrepreneur known for founding UTV, has taken a more hands-on role at Upgrad following the exit of co-founder Mayank Kumar, as reported by The Economic Times on October 16. His re-engagement aligns with Upgrad’s IPO ambitions and is expected to reassure public market investors about the company’s leadership and direction.
“The funding round has now closed. Ronnie’s increased stake reflects his commitment to the company’s future, especially with recent leadership changes,” said a source close to the developments.
Investment Landscape
Temasek and IFC continue to be significant investors in Upgrad, alongside Screwvala, who now stands among the few entrepreneurs with the largest personal stakes in a venture-backed startup. The total funding round of $80 million, which includes both the primary investment and Screwvala’s secondary share purchase, marks one of the largest recent funding rounds in the edtech sector.
Comparisons with Other Funding Rounds
This funding round is significant in a market that has seen a sharp decline in investment after the pandemic-induced boom. For context:
- PhysicsWallah recently closed a $210 million funding round.
- Executive education firm Eruditus raised $150 million at a valuation of $3.2 billion.
Prior to this equity funding, Upgrad also secured $35 million in debt financing from Evolution X, a joint venture between DBS and Temasek.
Market Trends and Challenges
Edtech startups have seen around $650 million in funding so far this year compared to $4.1 billion in 2021—the peak for the sector aided by COVID-19 tailwinds. However, this is still higher than just $315 million for edtech for all of 2023, reflecting an 87% decline from the $2.4 billion raised in 2022.
Focus on Enterprise Growth
“Centum Learning is now part of Upgrad Enterprise and that’s the fastest-growing vertical at Upgrad,” another source noted. A report from investor 360 One highlighted key achievements:
- “Upgrad achieved profitability in its skilling, reskilling, and placement services in Q4.”
- The consumer segment’s acquisition cost improved from ~30% in FY23 to ~22% in FY24.
- Non-university program revenue in Q4 FY24 grew ~22% quarter-over-quarter and ~81% year-over-year.
Educational Offerings
Upgrad has established partnerships with over 20 tier-I and tier-II universities, offering more than 70 programs across various fields including data science, management, technology, law, and digital transformation.
Future Plans
As Upgrad moves closer to its IPO, its focus on sustainable growth and profitability appears well-positioned to attract both investors and public markets. The company’s strategy emphasizes leveraging partnerships and expanding its educational offerings to meet evolving market demands.
Conclusion
With Temasek’s investment and Screwvala’s increased stake, Upgrad is poised for significant growth in the competitive edtech landscape. The combination of strategic partnerships, innovative educational solutions, and strong financial backing will likely play a crucial role in shaping Upgrad’s future trajectory as it seeks to capitalize on emerging opportunities within both domestic and international markets.
As it prepares for an IPO, Upgrad aims to solidify its status as a leader in the education technology sector while addressing challenges posed by market fluctuations and evolving consumer needs.
Elon Musk shocked the tech world by admitting xAI requires a full rebuild. This comes after key co-founders like Christian Szegedy and Greg Yang left the AI startup. Musk shared on X that the team must realign with its mission to understand the universe. xAI, launched in 2023 to rival OpenAI, now faces talent drains amid fierce AI competition.
Meanwhile, SpaceX eyes a blockbuster IPO. Valued at $350 billion, the rocket giant could go public by late 2026, analysts predict. Starlink’s 5 million users and Starship progress fuel the hype. Musk’s empire links the ventures—SpaceX cash might boost xAI’s Grok AI and Colossus supercomputer.
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Key MacBook Air M5 features include Liquid Retina XDR display (500 nits, nano-texture option), 12MP Center Stage camera, and six-speaker Spatial Audio. Colors like new Sky Blue join Midnight and Starlight. Pre-orders are live today, with macOS Sequoia 15.4 enhancing Apple Intelligence and iPhone Continuity for students, pros, and remote workers.
Why buy MacBook Air M5 now? It outpaces Snapdragon X Elite rivals with ecosystem magic and future-proof performance, eyeing top 2026 laptop sales. CEO Tim Cook calls it “more capable than ever.” Visit apple.com for M5 MacBook deals and specs.
Delhi NCR-based gaming startup Zupee has acquired Mumbai-based microdrama platform Vertical TV in a deal valued under INR 40 Cr. This move strengthens Zupee Studio, its short-video arm launched in September 2025, by integrating Vertical TV’s expertise in bite-sized dramas like romance and thrillers.
Facing challenges from India’s 2025 real-money gaming ban, Zupee valued at $1 Bn after raising $120 Mn has pivoted to non-gaming content, including recent layoffs of 40% of its workforce. The acquisition builds on its November 2025 purchase of Australian AI firm Nucanon for interactive storytelling, targeting its 200 Mn+ users with engaging, mobile-first formats.
This deal underscores the rising microdrama trend in India, helping Zupee diversify amid regulatory pressures and compete in the short-video space dominated by quick, shareable content for on-the-go audiences.
Elon Musk: xAI Rebuild Urgent After Co-Founders Exit, SpaceX IPO 2026 Looms
Apple MacBook Air M5 Launched: M5 Chip, 22-Hour Battery in India
₹290 Crore Boost: Rozana’s Series B Funding Scales Rural Retail Network Nationwide
Elon Musk: xAI Rebuild Urgent After Co-Founders Exit, SpaceX IPO 2026 Looms
Apple MacBook Air M5 Launched: M5 Chip, 22-Hour Battery in India
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