Mumbai-based UpGrad Education, which owns an eponymous edtech platform, has raised Rs 50 crore ($6.7 million at current exchange rates) in debt funding from IIFL Income Opportunities Fund (Series II).
The company has allotted 5,00,000 unlisted, secured and redeemable non-convertible debentures at a face value of Rs 1,000 each to IIFL Income Opportunities Fund (Series II), regulatory filings show.
Owned by IIFL Asset Management, the fund was launched in 2010. It has so far backed startups in consumer tech, healthcare and financial services
Founded in 2015 by Ronnie Screwvala, Phalgun Kompalli, Rajivot Chugh, and Mayank Kumar, UpGrad claims to have 32,000 paid users. The upskilling platform offers online programmes in data science, technology, management and law to college students and working professionals.
It has also tied-up with education institutions such as IIT Madras, IIIT Bangalore, Jindal Global Law School, Duke CE, Deakin University and Liverpool John Moores University.
The debt raise comes about a month after the company revoked the salary cuts starting July.
UpGrad recently also announced our new appointments in senior leadership roles.