The Mumbai-based unicorn edtech startup UpGrad claims to have received debt financing from EvolutionX totaling Rs 287.5 crore, or roughly $35 million.

Entrackr claimed, citing upGrad's regulatory filings retrieved via RoC, that the board approved a special resolution to issue 28,75,000 debentures at an issue price of Rs 1,000 each, boosting the total to Rs 287.5 crore.

According to the report, the funds raised would be utilized for general corporate objectives, operating expenses, and business growth.

The money would also assist the edtech giant created by Ronnie Screwvala in aligning with upGrad's strategy in order to support its expansion objectives and pay for essential operating expenses. 

According to the report, although the files lacked a detailed breakdown of the fund's usage, they did emphasize four crucial areas.

UpGrad has been able to raise $700 million in funding. In March of last year, Temasek, Ronnie Screwvala, and other investors raised $36.5 million through a right issue.

Among its well-known investors are IIFL Finance, International Finance Corporation, TOEFL, Artisan Partners, Kaizenvest, 360 One Asset, and Unilazer. 

The business has experienced significant growth, with operational income climbing from Rs 692 crore in FY22 to Rs 1,194 crore in FY23, representing a 72% increase. But with expansion also came higher losses, which in FY23 soared by 82% to Rs 1,114 crore.