<ul><li>upGrad, an online higher education platform, raised USD 210 million in a funding round led by ETS Global with participation from Bodhi Tree and Kaizen Management Advisors, which included USD 12.5 million from the Founder Group to secure its more than 50% stake in the firm. The round follows its USD 225 million fundraiser in June 2022, bringing its total funding to USD 631.9 million.</ul> 

• The company intends to use the funds to execute its plan of strengthening its workforce this year. upGrad aims to increase its headcount to ~7,600 from 4,800 and to recruit 170+ full-time faculty, 1,600+ teachers, and 5,000+ on-contract coaches and mentors.

• The company reported that it expects an annual gross revenue of USD 400 million–USD 500 million in FY2023 with ~45% of revenue from in-house online courses and programs. 

<ul><li> Analyst QuickTake: upGrad takes on an expansionary strategy while many other EdTech players like Eruditus are cutting down on expenditure by carrying out major layoffs which are deemed necessary for the survival of its business. upGrad justifies its position by claiming that its program completion rate is more than 80%, and that 40% of its total revenue is generated from recurring business and referrals.</ul>