Singapore’s sovereign wealth fund Temasek has invested an additional $60 million in Upgrad, an edtech startup focused on higher education and skills development.

This Series F funding round values ​​Upgrad at $2.25 billion.

Additionally, Upgrad founder and chairman Ronnie Screwvala bought out Bharti Enterprises’ stake in the company for $20 million, increasing his stake to 45%. Upgrad plans to go public in the next 7-8 quarters.

This comes a week after Upgrad CEO Mayank Kumar left the company.

Temasek is a consistent investor in Upgrad. Temasek participated in Upgrad’s Series E funding round, contributing ₹81 crore (approximately $10 million) in 2023.

With the latest investment of $60 million in the Series F round, Temasek’s total stake in Upgrad is now 17-18%.

Upgrad has raised funds through several financing rounds. Below is a summary of their previous funding rounds and total funds raised:

1. Series A: $15 million raised in 2015.

2. Series B: $40 million raised in 2017.

3. Series C: $50 million raised in 2018.

4. Series D: $100 million raised in 2019.

5. Series E: Raised $120 million in 2021.

6. Series F: Raised $60 million from Temasek in 2024.

In total, Upgrad has raised $385 million across these funding rounds.

In April, Upgrad placed 55,000 learners in FY24, with strong hiring in areas such as marketing, data and technology 3. About half of these placements took place in cities like Mumbai , Delhi, Bengaluru and Chennai.

Late last year, Upgrad reported a 96% increase in revenue to ₹1,194 crore (around $150 million) for fiscal 2023, although losses also widened by 67% to 1,142 crores (around $145 million).

Upgrad has attracted investments from several high-profile investors over the years.

Besides Temasek, Ronnie Screwvala, founder and chairman of Upgrad, has also invested heavily in the company. Bharti Enterprises was an early investor but recently sold its stake to Ronnie Screwvala. IIFL Asset Management also participated in Upgrad’s funding rounds, alongside Omidyar Network India, known for its focus on social impact. Educor Holdings has also contributed to Upgrad’s growth. These investors have collectively helped Upgrad raise a total of $385 million in various funding rounds.