upGrad Partners with Maharashtra Government to Establish AI Excellence Centers

upGrad Earmarks INR 2,150 Cr To Set Up AI Excellence Centres In Maharashtra

This move comes as upGrad, valued at $2.25 Bn after raising $60 Mn from Temasek in October 2024, looks to expand its presence in the AI education space while preparing for a potential IPO by mid-2026 Integrated learning major upGrad has signed an agreement with the Maharashtra government to set up AI excellence centres across the state with an initial investment of INR 2,150 Cr ($248.82 Mn). A memorandum of understanding (MoU) in the presence of Chief Minister Devendra Fadnavis and upGrad cofounder Ronnie Screwvala at Davos. The initiative aims to position Maharashtra as a global hub for AI talent. Under the partnership, ATLAS SkillTech University, supported by upGrad, will create hybrid programmes in design, digital transformation, AI and gaming as part of the Maharashtra State University of Eminence initiative. The agreement includes setting up an urban university and some campus hubs in collaboration with three global universities under the state's 'Educity' initiative. "It's exciting to see the government of Maharashtra taking concrete steps in enabling our talent with sharp resources they need to springboard onto the growth podium. There's a very strong urban learning infrastructure that our state has and taking it to rural areas will only accelerate our commitment of producing the largest AI-ready talent pool for the world," Screwvala said. The second phase of the initiative will focus on empowering 250,000 rural youth in underserved areas. It will also include training professionals and fostering rural entrepreneurs in the not-for-profit sector. "By empowering learners with cutting-edge, future-ready skills, we aim to bridge gaps and create transformative opportunities across urban and rural communities," Dr Indu Shahani, founding chancellor and president of ATLAS SkillTech University, said. Started in 2015, upGrad offers online and hybrid skilling programmes, certifications, and bootcamps. It also facilitates diploma, master's and executive doctorate programmes from top Indian and global universities, along with corporate skilling and recruitment services. The edtech unicorn, which raised $60 Mn from Singapore state investment firm Temasek at a valuation of $2.25 Bn last October, recently posted a net loss of INR 1,141.5 Cr in FY23 on an operating revenue of INR 1,169.6 Cr. Screwvala, who picked up Bharti Enterprises' 1% stake in the company for $20 Mn last year, now owns 45% in upGrad and reportedly plans to take the company public by mid-2026. The company counts Temasek, Murdoch's Lupa Systems, International Finance Corporation and IIFL among its marquee investors, and has begun talks to raise INR 287.5 Cr in debt funding from EvolutionX Debt Capital in June 2024 to support its growth plans.

Davos 2025: upGrad Signs MOU with Government of Maharashtra to build upGrad Institute of AI Excellence Centers in the State

With an initial outlay of INR 2,150 crore, the partnership will drive Key Initiatives in Education and New-Age Skilling in the State upGrad, one of Asia's largest integrated skilling and forever learning majors, has signed a landmark Memorandum of Understanding (MoU) with the Government of Maharashtra in the presence of Hon. Chief Minister Devendra Fadnavis and Ronnie Screwvala at Davos, yesterday. The initiative aims to create a world-class AI talent base for global jobs and drive employment opportunities across the State. With an initial outlay of INR 2,150 crore, the initiative will build upGrad Institute of AI Excellence Centers across Maharashtra to equip over 1 Mn students in AI and emerging technologies. The move comes under the leadership of Hon. Chief Minister Devendra Fadnavis to amplify Maharashtra's contribution towards the nation's progress of becoming a $5 trillion economy by 2030. a) The upGrad-supported ATLAS SkillTech University to create futuristic bespoke hybrid programs in emerging arenas of Design, Digital Transformation, Technology, AI and Gaming, under the prestigious Maharashtra State University of Eminence initiative b) Establish an Urban University and Campus Hubs in partnership with 3 renowned Global Universities - as part of Hon. Chief Minister Devendra Fadnavis's visionary 'Educity' initiative. This transformative project aims to deliver world-class, globally benchmarked education, positioning Maharashtra as a premier destination for top-quality higher education c) The second pillar of this initiative will focus on empowering an additional 250,000 rural youth by addressing talent gaps in underserved areas. It will also include training professionals and fostering rural entrepreneurs in the not-for-profit sector, driving Maharashtra's rural empowerment efforts and accelerating socio-economic upliftment across the state With a balanced focus on rural and urban development, this partnership is set to establish Maharashtra as the strongest hub for global talent in advanced and emerging technologies. Dr Indu Shahani, Founding Chancellor & President, ATLAS SkillTech University: "We are proud to partner with the Government of Maharashtra on this groundbreaking initiative to redefine the future of education. Guided by our mission to nurture not just job seekers but visionary job creators, we are steadfast in our commitment to nation-building. By empowering learners with cutting-edge, future-ready skills, we aim to bridge gaps and create transformative opportunities across urban and rural communities. This collaboration stands as a testament to our dedication to delivering world-class education and advancing Maharashtra's position as a global epicentre for AI talent, innovation, and progress." Ronnie Screwvala, Co-founder, upGrad & Swades Foundation: "It's exciting to see the Government of Maharashtra taking concrete steps in enabling our talent with sharp resources they need to springboard on to the growth podium. There's a very strong urban learning infrastructure that our State has, and taking it to rural, will only accelerate our commitment of producing the largest AI-ready talent for the world and for careers of tomorrow. ATLAS SkillTech University has been fronting the quality benchmarks in higher education across design, tech and entrepreneurship and the partnership will open doors to a wider segment to access that pedagogy and content." About upGrad: Started in 2015, upGrad is one of Asia's largest integrated Learning, Skilling, and Workforce Development majors offering a range of online & hybrid skilling programs, Certifications, and Bootcamps under its B2C portfolio. It also facilitates top Indian and global universities to offer their Diploma, Master's and Executive Doctorates. Additionally, select programs are tailored for Enterprise clients under the corporate skilling division, along with other recruitment and staffing services. ***