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News on Medial
Upgrad secures $60 million from Temasek at a flat valuation of $2.25 billion
Economic Times
·
9m ago
Medial
Singapore's sovereign wealth fund, Temasek, has invested an additional $60 million in education startup Upgrad at a valuation of $2.25 billion. Upgrad founder Ronnie Screwvala has also acquired Bharti Enterprises' stake in the company for $20 million. Screwvala now owns a 45% stake in Upgrad and plans to take the company public in the next 7-8 quarters. The funding round, which includes a total of $80 million, makes Screwvala one of the largest shareholders in a venture-backed startup. Upgrad offers over 70 courses in various fields and has tie-ups with multiple universities.
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Upgrad MD Mayank Kumar steps down as firm eyes $50-60 million raise
Economic Times
·
9m ago
Medial
Mayank Kumar, co-founder and managing director of Indian edtech unicorn Upgrad, has stepped down from his executive role to launch a new venture focused on placing skilled Indian labor abroad, particularly in healthcare. The move comes as Upgrad's founder and chairman, Ronnie Screwvala, takes on a more active role in the company. Upgrad is also reportedly in the final stages of securing $50-$60 million in funding at a valuation of $2.25 billion. The company recorded revenue growth of 25.54% in FY24 and is reportedly planning an IPO in the near future.
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upGrad Cofounder Mayank Kumar Steps Down To Float New Venture
Inc42
·
9m ago
Medial
Mayank Kumar, cofounder and managing director, is seeking investment for his startup that helps place skilled Indian labour overseas, particularly in the healthcare sector. Ronnie Screwvala, cofounder and chairman, will be more involved in running the company after Kumar's departure. upGrad is also securing funding of $50-60 million from its current investors, valuing the company at $2.25 billion.
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Grapevine: Temasek, Actis, Shadowfax, Swiggy, Sparsh Group, PayU in news
VCCircle
·
9m ago
Medial
Singapore state investment firm Temasek and private equity firm Actis are making investments in Indian companies. Meanwhile, food delivery platform Swiggy and healthcare provider Sparsh Group of Hospitals are reportedly preparing for initial public offerings. Temasek has also made an additional $60 million investment in education startup Upgrad.
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ETtech Deals Digest: Startups raise $184.8 million this week, up 47.8% YoY
Economic Times
·
9m ago
Medial
In the week of October 19 to October 25, startups raised $184.8 million, which was a 47.8% increase compared to the same period last year but a 65.4% decline from the previous week. Notable deals included edtech unicorn Upgrad raising $60 million from Temasek, AI startup Neysa securing $30 million in funding, healthcare startup Even Healthcare raising $30 million, dairy tech startup Stellapps raising $26 million, and health and wellness startup Healthify raising $20 million.
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ShareChat to raise $60 Mn via convertible notes from Google, Lightspeed At $2.8 Bn valuation
Inc42
·
1y ago
Medial
Indian social media platform ShareChat is reportedly in advanced talks to raise $60 million in funding from existing investors, including Google, Lightspeed, and Temasek. The funds will be raised through convertible notes with a discounted valuation of $2.8 billion. ShareChat had previously laid off 15% of its workforce, or around 200 employees, and is looking to reduce its burn rate. The startup was last valued at $4.9 billion in March 2022 and has raised over $1 billion in funding so far.
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Exclusive: upGrad raises $35 Mn debt from EvolutionX
Entrackr
·
1y ago
Medial
Edtech unicorn upGrad has raised Rs 287.5 crore (approximately $35 million) from EvolutionX. This is the first debt funding for the Mumbai-based company this year. The board at upGrad has passed a special resolution to issue 28,75,000 debentures at an issue price of Rs 1,000 each to raise Rs 287.5 crore or $35 million, its regulatory filing accessed from the Registrar of Companies shows. The company will use these funds for growth, operating expenses, and general corporate purposes, according to the filings. upGrad has raised over $650 million to date including $36.5 million via right issue from Teamsek, founder Ronnie Screwala, and other in March last year. The Temasek-backed company was reportedly in talks to raise $100 million to close the acquisition of online education firm Udacity. According to the startup data intelligence platform TheKredible, Temasek is the largest external stakeholder with 20.7% while Upgrad’s co-founder and chairperson Ronnie Screwvala holds a major 22.4% of the company. upGrad forayed into the offline higher education space in 2022 and invested $30 million to set up ten global campuses across India, the US, and other regions. upGrad experienced notable growth as its operational revenue increased by 72% to Rs 1,194 crore in FY23, up from Rs 692 crore in FY22. However, alongside this growth, the company’s losses also rose by 82% to Rs 1,114 crore in FY23. The company is yet to file its annual results for FY24.
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Temasek may top up Lenskart bet; Macquarie drops Vibrant Energy sale plan
VCCircle
·
1y ago
Medial
Singapore's Temasek and Fidelity are reportedly considering a $200 million investment in eyewear company Lenskart, valuing the company at around $5 billion. Temasek is expected to lead the funding round with an investment of $125-150 million. Meanwhile, Macquarie has dropped its plans to sell Vibrant Energy Holdings, an Indian renewable energy company, due to valuation concerns.
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Temasek, Fidelity buy $200-mn stake in Peyush Bansal’s Lenskart
The Arc Web
·
1y ago
Medial
Singapore's Temasek and Fidelity have invested $200 million in eyewear retailer Lenskart. Temasek, an existing shareholder, and Fidelity, a new backer, purchased the shares through a secondary sale. Lenskart was valued at $4.2-4.5 billion last year and is aiming for a valuation of $5.5-6 billion in this round. The investment is expected to help benchmark its valuation before filing for an IPO. Lenskart closed FY24 with revenues of Rs 5,500 crore and has a network of 2,500 retail outlets, primarily in India.
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Fidelity marks up Lenskart valuation by 12% to $5.6 billion
Economic Times
·
9m ago
Medial
Fidelity, a US-based financial services company, has increased the valuation of eyewear retailer Lenskart to $5.6 billion, reflecting a 12% increase. The valuation update, as of September 30, was published in Fidelity's monthly portfolio holdings. Lenskart achieved an annual revenue run rate of $1 billion this financial year. In June, Fidelity and Temasek invested $200 million in Lenskart, valuing the company at $5 billion. Lenskart had previously raised $600 million in total from Abu Dhabi Investment Authority and ChrysCapital in March 2023. The company's founder, Peyush Bansal, mentioned plans to invest $200 million in a new manufacturing unit in India.
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upGrad in talks to buy stake in US edtech firm Udacity: Report
Inshorts
·
2y ago
Medial
According to The Economic Times, there are talks of edtech leader upGrad acquiring edtech company Udacity, based in the US. upGrad is considering selling a majority stake through an equity swap. Recent discussions suggest that Udacity's valuation exceeds $100 million, with a potential valuation range of $100 million to $120 million.
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