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Edtech unicorn upGrad has reportedly raised $225 million in a fresh round of funding at a valuation of $2.25 billion.

Investors in the round include James Murdoch’s Lupa Systems, US testing and assessment provider Educational Testing Service, the family offices of Lakshmi Mittal (ArcelorMittal SA), and Sunil Bharti Mittal (Bharti Airtel), Bloomberg has reported.

The investment round also saw the participation of upGrad’s existing investors such as Temasek Holdings Pte.

UpGrad, which became a unicorn in 2021, has now almost doubled its valuation. It is likely that the funding round is set to increase by a further $100 million during a second close at a higher valuation, the report noted.

upGrad has raised capital at a time when startups are seeing a slowdown in funding. The platform, according to the report, is targeting $500 million in gross revenue this year ending March 2023.

India is a major market for the edtech unicorn but it has also forayed into Indonesia, Vietnam, and the Middle East.

upGrad spans several segments from test prep to study abroad, and undergrad degrees to campus courses in 250 universities. Its offerings include finance, law, business and software for the 18-60 age group.

upGrad was founded by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli in 2015.