Investment from Temasek pushes upGrad towards Asia growth, as allure of US campuses wanes
Singapore's Temasek, a prominent global investment company, has made another investment in Indian edtech startup, upGrad. This move comes as upGrad seeks to expand its reach in the Middle East and Asia. Founded by Ronnie Screwvala, upGrad is an innovative online education platform that partners with approximately 80 universities across 10 countries. The startup is now looking to collaborate with prestigious institutions such as Johns Hopkins, Carnegie Mellon, Birmingham, and Middlesex for tie-ups. The strategic shift is driven by a decrease in the number of Indian students heading to the U.S. and the UK, attributed to geopolitical tensions, higher demand for more affordable educational destinations, and challenges posed by visa restrictions and cost hurdles. In response, upGrad is following the trend set by top schools in the U.S. and UK, which have opened campuses in Dubai, Malaysia, and Singapore. The edtech startup is now considering universities with campuses in Dubai, Doha, Vietnam, Bangladesh, Nepal, and Sri Lanka for potential partnerships. In addition to its online programs, upGrad earns revenue by enrolling students and helping them transition to overseas campuses to complete their degrees. By expanding its network in the Asia and Middle East, upGrad aims to provide more students with access to quality education and international opportunities. Meanwhile, there is speculation about a potential funding round for VC-backed Atomberg, with the possibility of a valuation premium. Separately, Prudent Corporate, a Temasek-backed company, is set to acquire Indus Capital's mutual fund distribution business. As upGrad continues to grow and evolve, it remains committed to its mission of providing high-quality education to students across the globe. With the support of Temasek and its strategic partnerships, upGrad is well-positioned to make a significant impact in the educational landscape.
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