Ronnie Screwvala has bought the Bharti Enterprises’ stake in Uprgad for $20 million, and now owns a 45 percent stake in the company he co-founded with Mayank Kumar in 2015, who later left the firm.
Entrepreneur Ronnie Screwvala has bought the Bharti Enterprises’ 1 percent stake in his edtech startup Upgrad even as the company has recently received a $60 million investment from Singapore sovereign wealth fund, Temasek, at a valuation of $2.25 billion, according to a media report.
As per a report by the Economic Times, Ronnie Screwvala has bought the Bharti Enterprises’ stake in Uprgad for $20 million, and now owns a 45 percent stake in the company he co-founded with Mayank Kumar in 2015, who later left the firm.
Screwvala, a serial entrepreneur who previously launched UTV, is now planning to take the company public in the next 7-8 quarters, the report said. Following the $60 million investment, Temasek is now among the top investors in Upgrad along with IFC, it said.
As per the report, Upgrad is currently churning out a quarterly revenue or nearly Rs 600-crore, which amounts to around Rs 2,400 crore for the current financial year.
The ET report added that Upgrad has received the third largest funding in the edtech sector amounting to $80 million, and had recently closed a $35 million debt financing from Evolution X, a joint venture between DBS and Temasek,
About Upgrad
Upgrad, an EdTech startup, was established in 2015 by Ronnie Srewvala, Mayank Kumar and Phalgun Kompalli, and by 2021, had become unicorn company with a market valuation over around $1.2 billion. Upgrad boasts presence in several countries across North America, Europe, Middle East and Asia Pacific.
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