Mumbai-based edtech Unicorn Upgrade has raised a debt of Rs 287.5 crore from Singapore-based Evolution X Debt Capital. According to the company's fresh filing with the Ministry of Corporate Affairs, Upgrade's board of directors has recommended passing a special resolution to issue and sanction 28,75,000 debentures (a mix of NCDs and OCDs) of Rs 1,000 face value.

Proceeds from the issuance of the debentures will be used for growth capital, funding operating expenses and general corporate purposes, the filing disclosed. EvolutionX Debt Capital is a $500 million growth stage debt financing platform created by DBS and Temasek. They offer financing 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 in March 2023 to raise Rs 300 crore from existing shareholders and founders.

Founded in 2015 by Ronnie Screwvala, Mayank Kumar and Phalgun Kombally, Upgrade works with more than 300 university partners across a variety of educational sectors, including test preparation, study abroad programs, degrees and courses.

In FY2023, Upgrade posted revenue of Rs 1,194 crore, up 96.4% from Rs 608 crore in the previous fiscal, while its loss rose 76% to Rs 1,141 crore from Rs 648 crore in the previous fiscal.