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Global online higher education provider <keyword id="2008319" type="PERSON" weightage="20" keywordseo="Upgrad">upGrad</keyword> on Monday became another unicorn from the country, after it announced to close a total of $185 million funding round at a market valuation of $1.2 billion. The company raised fresh funds from Temasek, IFC (International Finance Corporation, a sister organisation of <keyword id="6354424" type="DEFINITION" weightage="20" keywordseo="world-bank">World Bank</keyword>) and IIFL. "We are very focused on our path to being in the top three-five companies globally in edtech and serving the one billion workforce across the age group of 18-60. We are pleased with the investor interest ever since we opened up for a fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days," said <keyword id="25725" type="PERSON" weightage="20" keywordseo="Ronnie-Screwvala">Ronnie Screwvala</keyword>, Chairperson and Co-founder, upGrad. In April, UpGrad had raised $120 million from Temasek, a global investment company headquartered in Singapore. "We will announce further updates on M&amp;As, and unlocking value as they unfold. Yes, the last value was at $1.2 billion but as I keep saying, we are not a fan of the tag name, unicorn. For us, it is only a means to a much larger goal," he said in a statement. Recent reports suggested that company is in advanced talks for a $400 million fundraise at a valuation of $4 billion. upGrad has earmarked $250 million for mergers and acquisitions (M&amp;As) over the next seven-nine months, as it strengthens non-linear growth strategy. upGrad is set to cross $500 million annual revenue run rate by March 2022 and is looking to raise close to $400 million at a $4 billion valuation. upGrad has built out a strong tech platform and deep immersive learning experience with high touch-points to capture close to 70 per cent of the Indian higher education market for working professionals. Earlier this month, upGrad acquired global firm <keyword id="9947964" type="UNKNOWN" weightage="20" keywordseo="KnowledgeHut">KnowledgeHut</keyword> for an undisclosed sum. KnowledgeHut, an <keyword id="11781040" type="UNKNOWN" weightage="20" keywordseo="upgrad-company">upGrad Company</keyword>, expects to cross Rs 300 crore in revenue next year, 65 per cent of which will be from countries across North America, Middle East and South-East Asia. As per industry estimates, there are 53 unicorns currently in India, with a tentative valuation of Rs. 1.4 <keyword id="69692" type="COMPANY" weightage="20" keywordseo="Lakh">lakh</keyword> crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/amara-raja-batteries-invests-in-five-year-old-startup-log-9/articleshow/85174877.cms">Battery maker Amara Raja invests in five-year-old startup Log 9</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazons-kindle-could-have-been-easily-hacked-through-malicious-e-books/articleshow/85173995.cms">Amazon’s Kindle e-readers could be prone to hacking through malicious e-books</a>

Ronnie Screwvala's UpGrad is India's newest entry into the unicorn club as it closes a $185 million funding round

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Ronnie Screwvala's UpGrad is India's newest entry into the unicorn club as it closes a $185 million funding round

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