Akshata Sharma
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Ronnie Screwvala-led edtech unicorn upGrad is looking to raise INR 287.5 Cr (about $34.4 Mn) debt from financing platform EvolutionX Debt Capital
Its members passed a resolution during an extraordinary general meeting to issue and allot 25 Lakh non-convertible debentures (NCDs) and 3.75 Lakh optionally convertible debentures (OCDs) to the investor.
While 3.8 Lakh NCDs will be issued to EvolutionX Debt Capital India Fund I, 21.2 Lakh NCDs will be issued to EvolutionX Debt Capital Master Fund I for INR 1,000 apiece. Besides, 3.75 Lakh OCDs would be issued to EvolutionX Debt Capital India Fund I.
The startup said it plans to use the proceeds from the debt funding round to fuel its growth capital, fund operating expenses of the company, and for general corporate purposes.
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