upGrad Education Pvt. Ltd.

is an online higher education organisation that encourages college

students, first-time job seekers, and working professionals to attain their full potential by
providing programmes in data, technology, and management.
The company is an edtech unicorn and stands as a competitor of the highest valued Edtech
company in India, Byju's.
Next slide UpGrad was founded in 2015 by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and
Ravijot Chugh. upGrad has a workforce of over 2,000 employees and has plans to add another 1000
employees in FY 21. The company has recently strengthened its senior leadership team to capitalize on
potential opportunities in the online education sector. Its headquarters is in Mumbai.

UpGrad has witnessed a 100% growth at the beginning of FY21. upGrad claims to have a
million users globally. The company also has over 45,000 paid students. upGrad has crossed
$210 million annual revenue run rate. The company has doubled its learners' base in just 8
months. It has even crossed a milestone of acquiring 1 million learners in just 5 years of its
operations.

Next slide- In the last few years, upGrad's gross revenue has increased
manifold. It witnessed a 113% jump in its gross revenue from INR 57 crores
($7.8 million) in FY18 to DOLLAR 85 MILLION ( 16.7 Million) in FY19. The
company's total revenue increased to INR 163 Crores ( $ 22.4 Million) in
FY20. The company has achieved an Annual Revenue of INR 1200 Crore
( $165.4 Million). Their plan is to grow by international expansion and
strategic acquisitions in 2021 and 2022. Furthermore, the company is also
planning to achieve a revenue of $500 million by the end of March 2022. In a
short span of around 5 years, this startup on-boarded over 21,500 paid
learners and has impacted more than 370K individuals globally, making
it India’s largest online higher-education company. Upgrad is now valued at
$1.2 billion after raising $185 million in a continuous round led by Temasek ($120
million), IFC ($40 million), and India Infoline Finance ($25 million).

upGrad is also the third homegrown edtech startup to turn unicorn after BYJU'S and
Unacademy, and is the fourth startup to enter in unicorn in edtech.

Funding and Investors

UpGrad is funded by 5 investors.

In April 2021, upGrad raised its first external equity funding round, since being
founded in 2015, led by Temasek. The company has raised around $360.99
mn to date, as of November 29, 2021.
upGrad achieved unicorn status with the last fundraising, when the company
was backed by Temasek, International Finance Corporation, and IIFL. The
company has last been valued at $1.2 Bn, post the fundraiser. With the last
round, it turned to be the third unicorn in 2021 in the Edtech space, after
Byju's and Unacademy. In this table we can see 5 rounds of investment are
done and in which 4 rounds are of venture financing and one is of debt
financing.

, the company is in advanced talks for raising another $400 Mn and eyeing a
valuation of $4 Bn soon.

Upgrads acquisition

upGrad has acquired Work Better on January 10, 2022, for an undisclosed
sum. Work Better will be merging into upGrad after the acquisition, and will be
renamed as upGrad Work Better, which would then offer tailor-made courses
for employees and organizations. The entire team of the company will be
joining upGrad, which would be strengthening its enterprise learning and
development (L&D) offerings. With this acquisition, Work Better will bring in
300+ corporate clients and 250+ trainers to upGrad For Business. Talentedge
was the last company that was acquired by upGrad on December 6, 2021.
upGrad had acquired Global Study Partners (GSP), an Australian two-
sided marketplace for the recruitment of international students,
on November 29, 2021. upGrad acquired KnowledgeHut, short-term skilling
and training courses startup on August 3, 2021. upGrad acquired Impartus
for Rs. 150 crores ( $20.6 Million). Impartus was a video-learning solutions
provider, which operated as a complete subsidiary of upGrad. So the total
number of acquisitions by upgrad were 10.

And we talk about the exits, there are no exits in the company till now.
 Top PE firms, So if we talk about private equity companies in India, They are usually divided
into two types of firms first one is international players having presence in India and another one
is domestic players who have started their operations in India.
Starting from international players first one is THE CARLYLE GROUP,( kaa·lile) it was
founded in 1987, it is one of World’s largest private equity companies. It has made a successful
investment of around USD 200+ billion across the globe. It focuses on sectors including Consumer,
Healthcare, Manufacturing etc. but not Real Estate. Headquarters: Washington, DC, United States
and in india it is situated in Mumbai.

Next one is KKR group Founded in 1976, KKR & Co. is a global asset management firm
including private equity, real estate, infrastructure etc. It has a total of around USD 40+ billion
assets under management. Headquarters: New York, United States India Office: Mumbai.
THE NEXT ONE IS BLACKSTONE GROUP
Founded in 1985, Blackstone Group is a private equity, assets management and financial services
focused firm and it has a total of around USD 35+ billion assets under management.  Headquarters:
New York, United States India Office: Mumbai and next Apollo global mgt which also having its
headoffice in Mumbai

Next is TPG capital with a capital of USD 70 billion of assets and their main focus
area is distressed assets. Last one is  CVC CAPITAL PARTNERS
Which has over 24 offices. It has total assets under management of
around USD 75 billion.

Next are domestics firms ICICI VENTURE FUND

 Founded in 2002, ICICI Venture fund is one of the oldest private equity funds of
India with currently manages a total of over USD 4 billion assets. KOTAK PRIVATE
EQUITY THAT FOCUSES ON THE Consumer, Real Estate, Infra, Healthcare,
Financial Services with Ticket Size: USD 10+ million. Likewise there are india value
fund baring private equity partners everstone capital and Ascent Capital: This
PE firm has been in India for more than a decade, and they have
already helped more than 40 entrepreneurs to achieve their dreams.
They currently manage 600 million.
PPT 13

So this slide talks about total investments made in billions made by

edtech in india. Indian ed-tech startups have received a total investment of
$2.22 billion in 2020 alone, compared to $553 million in 2019 . Over 90 ed-
tech players have received funding in 2020, out of which 61 players received seed
funding. Since their time of inception to December 2020, Byju's and Unacademy have
raised $2.2 billion and $891 million respectively. Byju’s was the first Indian edtech
company to turn into a unicorn in 2018. The company is now valued at a
whopping $16.5 billion, positioning it as the highest valued Indian startup and
the highest valued edtech startup across the globe.

It took about two years and a pandemic to make Unacademy the second
Indian edtech unicorn in September 2020. In 2021, India has found two
unicorns in Ronnie Screwvala-led upGrad and Ashwin Damera-led Eruditus.
Meanwhile, kids' live learning platform Vedantu is reportedly all set for its
unicorn round and is in talks with investors across the board. If we rest of
edtechs like techmint they have invested $118 million while classplus which
has invested $88million. About the last two edtech cue math and infinity
learner both have invested $69 million.