UpGrad is looking to raise ₹287.5 crore (about $34.4 million) debt from financing platform EvolutionX Debt Capital. As per the startup’s regulatory filings accessed by Inc42, 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.