World Bank's IFC to invest $45 million equity in upGrad Education

upGrad has almost doubled its users in six months and aims to touch 10 lakh by the end of 2021

Online tutor upGrad will raise around $45 million from International Finance Corporation (IFC) to expand its services, said the two sides.

upGrad, the short name for upGrad Education Private Limited, has almost doubled its users in six months and aims to touch 10 lakh by the end of 2021. The company generated Rs 230 crore last fiscal, and aims to close this with an annual revenue run rate of Rs 1200 crore.

IFC, an investment arm of the World Bank, said it will make an equity investment of $45 million in the company, which was founded in early 2015. The company has