Mumbai-based edtech unicorn Upgrade has raised Rs 287.5 crore in debt from Singapore-headquartered Evolution X Debt Capital. According to the company's fresh filing with the Ministry of Corporate Affairs, the board of directors of upGrad has recommended that a separate resolution be passed to issue and allot 28,75,000 debentures (a mix of NCDs and OCDs) with a face value of Rs 1,000 each.
The proceeds from the issue of debentures will be utilised for raising growth capital, funding operating expenses and general corporate purposes, the filing said. EvolutionX Debt Capital is a $500 million growth-stage debt financing platform created by DBS and Temasek. They offer funding to growth-stage technology companies across Asia, with a focus on China, India, and Southeast Asia.
The Temasek-backed edtech firm had completed an internal rights issue to raise Rs 300 crore from existing shareholders and founders in March 2023.
Founded in 2015 by Ronnie Screwvala, Mayank Kumar, and Falgun Kompalli, upGrad works with more than 300 university partners in a variety of educational areas that include test prep, study abroad programs, degrees, and courses.
In FY2023, UpGrad's revenue was recorded at Rs 1,194 crore, up 96.4% from Rs 608 crore in the previous fiscal, while its losses were at Rs 1,141 crore, up 76% from Rs 648 crore in the previous year.
