Mumbai, Aug 9: Leading Online Education Platform Upgrade has raised its third external funding of US$25 million from the IIFL Group, helping the re/up-skilling company join the Unicorn Club with a valuation of US$1.2 billion. NS Ronnie Screwvala The firm received its first external funding in late April when Singapore-based investment giant Temasek Holdings made an investment of US$120 million, and the same week International Finance Corporation, a branch of the World Bank Group, made an investment of US$40 million, valued at 850 million USD.
As of 2 August, 17 startups have become unicorns in 2021, taking the coveted tally to close to 60 when it became one after raising USD 100 million from Pune-based Mindtical. SoftBank’s Vision Fund 2. A recent report by Credit Suisse states that there were more than 100 unicorns in the country and this number is increasing at a fast pace. The new set of 17 unicorns include social media startup ShareChat, wealth management company Grow, messaging platform Gupshup, social commerce startup Meesho, apharmacy pharmacy, logistics tech startup BlackBuck, online automobile marketplace Droom, ecommerce firm OffBusiness, fintech firm Cred, Ecommerce platform Moglix, banking tech startup Zeta and SaaS software testing startup BrowserStack, among others.
Upgrade, co-founded by former media baron Screwvala, Falgun Kompally, Mayank Kumar and Ravijot Chugh, made an investment of just over Rs 170 crore in 2015, with an investment of USD 2.5 million from IIFL Group, in a statement on Monday. It has so far raised USD 185 million in equity capital from foreign investors, valued at USD 1.2 billion. But the statement did not disclose how much equity in IIFL has been diluted for investment. In April, founding president Screwvala told.
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