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EvolutionX Backs upGrad with INR 287.5 Cr Debt Financing The money raised will be used by UpGrad for growth capital, covering operating costs, and other basic business needs.

By Paromita Gupta

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[L-R] Phalgun Kompalli, Mayank Kumar, & Ronnie Screwvala, Co-founders of upGrad

Mumbai-based edtech unicorn upGrad has secured INR 287.5 crore in debt from EvolutionX Debt Capital, a Singapore-based growth-stage debt financing platform.

The upGrad's board approved the issuance of 28,75,000 debentures, each valued at INR 1,000, to raise the funds.

According to media reports, the proceeds will support growth capital, operating expenses, and general corporate purposes.

UpGrad has raised approximately USD 265 million so far, with USD 36.5 million coming from Teamsek, Founder Ronnie Screwala, and others back in March of last year through a right issue.

Founded in 2015 by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, upGrad operates across various educational sectors, encompassing test preparation, study abroad programs, undergraduate degrees, and courses in collaboration with over 300 university partners.

This funding round illustrates upGrad's ongoing strategy to bolster its market presence and expand its educational offerings.

EvolutionX Debt Capital, with a USD 500 million fund, provides support to growth-stage companies, emphasising the dynamic tech sectors in China, India, and Southeast Asia.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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