Just under three years after the higher education and upskilling company became a unicorn, an “extraordinary” board meeting was called to discuss upGrad’s need for cash injection.

According to Indian tech news outlet Entrackr, which accessed the data from the Registrar of Companies, the meeting resulted in a motion being passed to allot the proceeds to “fuel its growth capital”.

It also said the capital raised would “fund operating expenses” of the company, and for “general corporate purposes”.

The funds raised are listed at around 28,75,000 debentures – both non-convertible debentures, meaning they can’t be made into equity or stocks, and optionally convertible – which equates to around $35 million.

It comes after the FY23 didn’t look great for the company – losses amounted to around 1,000 crore, which equates to almost $10 million, and the annual results for this financial year have not yet been disclosed.

Since 2020, upGrad has acquired a total of 10 companies, including Global Study Partners in a deal worth $16 million.

The capital raised would “fund operating expenses” of the company, and for “general corporate purposes”

There were advanced talks to acquire the the US-based online learning platform Udacity, but with no update for some months, talks may have stalled, especially with the news that debt capital is being raised.

Only just under a year ago, upGrad was also recruiting for a new medical school in Vanuatu.

The PIE has reached out to upGrad for comment, but has not yet received a reply.