The Mumbai-based company upGrad has secured Rs 287.5 crore (approximately USD 35 million) in debt funding from EvolutionX, marking its first debt funding of the year.

According to the Registrar of Companies, upGrad’s board has approved the issuance of 28,75,000 debentures for Rs 1,000 each, resulting in the company raising Rs 287.5 crore or USD 35 million.

The funds raised will be utilised for expansion, operational expenses, and general corporate purposes, as per the company’s filings.

Including the USD 36.5 million raised through a rights issue from Temasek, founder Ronnie Screwala, and others in March last year, upGrad has assembled over USD 265 million in funding.

Reports indicated that the Temasek-backed company was in discussions to secure USD 100 million to finalise the acquisition of online education firm Udacity.

As per data from TheKredible, Temasek holds the largest external stake in the company at 20.7%, while upGrad’s co-founder and chairperson Ronnie Screwvala holds a significant 22.4% stake.

In 2022, upGrad entered the offline higher education sector and invested USD 30 million to establish ten global campuses in India, the US, and other regions.

In FY23, upGrad witnessed a substantial increase in operational revenue, rising by 72% to Rs 1,194 crore from Rs 692 crore in FY22. 

However, the company also experienced an 82% increase in losses, reaching Rs 1,114 crore in FY23. The company is yet to submit its annual results for FY24.