Temasek Holdings has just put forth a US$120 million ($159 million) investment in higher education company, upGrad.
upGrad is an online platform that offers over 100 courses in collaboration with universities such as the Michigan State University in the US, the Swiss School of Business Management in Geneva and IIT Madras and IIM Kozhikode in India.
This marks the first external funding received by the platform, which has been fully owned and funded by its founders since its inception in 2015.
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“We welcome Temasek in our mission to power career success for each and every member of the global workforce as their trusted lifelong learning partner and drive meaningful career outcomes,” say upGrad’s co-founders, Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli.
The trio intend to channel these funds into strengthening the upGrad team, scaling its global market operations and pursuing M&A opportunities.
They are also looking to expand their graduate and post-graduate degree portfolio and enhance their technology and product capabilities.
Through these efforts, the upGrad team aims to rake in US$2 billion in revenue by 2026.
