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Ronnie Screwvala floats Rs 100 crore online scholarship fund
MUMBAI: Former founder of UTV Communications and serial entrepreneur Ronnie Screwvala, who runs online education start-up Upgrad, is floating a Rs 100-crore education scholarship fund.
The purpose of the fund will be to provide loans to professionals seeking to improve their skill sets through online courses.
Screwvala has committed Rs 10 crore as initial corpus and plans to raise the balance within a year. He will raise the amount from high net worth individuals and corporates who are committed to build an ecosystem for tomorrow.
Scholarships ranging from Rs 25,000 and up to Rs 2 lakh will be given.
“We need 125 million young Indians in post-graduation studies and currently not more than 30 million today are engaged in higher studies as a majority of them start working early in their career and so online learning or education is the real answer,” Screwvala said.
The scholarship fund is aimed at skilling motivated individuals in relevant areas.
Screwvala intends to increase the size of the fund to Rs 400 crore over the next 3-4 years.
In 2015, Screwvala co-founded UpGrad, the online education platform, along with Mayank Kumar, Ravijot Chugh and Prabhav Phalgun. Upgrad offers online courses in entrepreneurship, digital marketing, data analytics and product management for working professionals.