Educational Testing Service was part of a $225m round for digital higher education provider UpGrad while SoftBank helped recruitment software provider Fountain extend its series C to $185m.
Funding
India-based online higher education provider UpGrad Education has received $225m from investors including standardised test group Educational Testing Service, India Brand Equity Foundation reported today. The round valued the company at $2.25bn and included Lupa Systems and Temasek as well as the family offices of Lakshmi Mittal and Sunil Bharti Mittal. UpGrad expects to raise an additional $100m in a second close at an unspecified date.
Reverse merger
Holisto, the US-based online travel booking platform backed by conglomerate Fosun, air carrier El Al and online services group AOL, is set to merge with Nasdaq-listed special purpose acquisition company Moringa Acquisition Corp. The deal, which is scheduled to close in the fourth quarter of 2022, will value the combined business at $405m. Holisto, then known as Splitty, had raised a total of just over $9m as of a $6.75m series A round in 2019.
