- Temasek invests $60M in upGrad
- Edtech funding dropped significantly since 2021
- Investment maintains upGrad’s unicorn status
Money Keeps Flowing
Singapore’s sovereign wealth fund Temasek has injected $60 million into higher education platform upGrad, maintaining the startup’s $2.25 billion valuation. The investment comes through an $80 million funding round, which includes participation from International Finance Corporation.
Numbers Tell a Story
The edtech sector has experienced a dramatic funding decline, plummeting from $4.1 billion in 2021 to $650 million in 2023. Despite this industry-wide downturn, upGrad continues to attract significant capital from major investors.
Strategic Moves
The funding round also features a secondary transaction involving Indian conglomerate Bharti Enterprises, strengthening upGrad’s position in the competitive edtech landscape.
This strategic investment signals continued confidence in upGrad’s business model.
