PhysicsWallah vs upGrad: revenue, valuation and funding compared
The short answer
PhysicsWallah reported the highest revenue, ₹3,899.5 crore in FY26, against upGrad ₹1,687 crore in FY26. PhysicsWallah and upGrad reported a loss.
PhysicsWallah and upGrad are two of India's biggest education technology companies. PhysicsWallah sells exam-preparation courses and test series online and through offline study centres, and it is listed. upGrad sells online degrees, certificates and executive programmes and is private, but it has moved into test preparation by buying Unacademy Group. People compare them because both now compete for exam-prep students.
For both companies the latest full year in the profiles is FY26, the year to March 2026, and the figures are consolidated: revenue from operations and net loss. PhysicsWallah's profile also carries FY25 and FY24 rows from its updated draft offer document. Every number on this page comes from the two StopDown profiles.
Side by side
| PhysicsWallah | upGrad | |
|---|---|---|
| Founded | 2020 | 2015 |
| Based in | — | — |
| What it sells | Exam-prep and tutoring platform with online courses and offline centres | Online higher education and upskilling company, now also in test prep |
| Status | Listed | Private |
| Revenue, latest year | ₹3,899.5 crore FY26 Bigger | ₹1,687 crore FY26 |
| Revenue, year before | ₹2,886.6 crore FY25 Bigger | ₹1,569 crore FY25 |
| Growth | +35% (FY25 to FY26) | +8% (FY25 to FY26) |
| Net profit (loss), latest year | ₹24.2 crore loss FY26 | ₹131 crore loss FY26 |
| Last disclosed valuation | — | $1.73 billion May 2026, per a DCF-based estimate |
| Total raised | — | — |
| Last round | IPO, ₹3,480 crore, Nov 2025 | Funding round, ₹361 crore, May 2026 |
| Profile | PhysicsWallah on StopDown | upGrad on StopDown |
Scale
PhysicsWallah is the larger of the two by revenue. Its FY26 consolidated revenue was ₹3,899.5 crore, up 35%, with online bringing in ₹1,954 crore and offline ₹1,774 crore. upGrad's FY26 consolidated revenue from operations was ₹1,687 crore, up 7.5% from ₹1,569 crore in FY25.
PhysicsWallah's FY25 revenue was ₹2,886.6 crore. In the September 2026 quarter it reported revenue of ₹1,242 crore. upGrad's September 2026 purchase of Unacademy Group adds a test-prep business that is not yet in the FY26 figures.
Money
PhysicsWallah's net loss narrowed to ₹24.2 crore in FY26 from ₹243.3 crore in FY25, and ₹1,131.1 crore in FY24, a year that included a ₹756 crore one-time non-cash charge. In the September 2026 quarter it made a net profit of ₹144 crore. upGrad's net loss was ₹131 crore in FY26, almost halved from ₹274 crore in FY25.
PhysicsWallah raised ₹3,480 crore in its IPO and listed on the NSE in November 2025. upGrad raised ₹361 crore in May 2026 in a round led by chairman Ronnie Screwvala, who put in ₹300 crore, with Temasek, IFC and 360 ONE taking part. A DCF-based estimate in May 2026 put upGrad's valuation at $1.73 billion. The PhysicsWallah profile carries no valuation, and this page makes no comment on its share price.
Where they are heading
Both are buying their way into new segments. upGrad completed its all-stock purchase of Unacademy Group, worth ₹2,055 crore, in September 2026 after CCI approval, and took 90% of Internshala through a share swap, reported in February 2026. PhysicsWallah raised its stake in UPSC coaching firm Sarrthi IAS from 40% to 51% in July 2026, paying ₹71.81 crore for the extra 11%, and took a minority stake in Rojgar With Ankit in April 2026.
The numbers behind the table
PhysicsWallah: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹3,899.5 crore | ₹24.2 crore loss | consolidated, revenue from operations, net loss |
| FY25 | ₹2,886.6 crore | ₹243.3 crore loss | consolidated net loss, operating revenue, from the updated DRHP as reported by Inc42 |
| FY24 | ₹1,940 crore | ₹1,131.1 crore loss | consolidated net loss, operating revenue rounded because two outlets differ by ₹0.3 crore; loss includes ₹756 crore one-time non-cash charge; updated DRHP |
upGrad: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹1,687 crore | ₹131 crore loss | consolidated, revenue from operations, net loss, per registrar filing |
| FY25 | ₹1,569 crore | ₹274 crore loss | consolidated, revenue from operations, net loss |
PhysicsWallah: funding rounds
| Date | Round | Amount | Investors |
|---|---|---|---|
| Nov 2025 | IPO | ₹3,480 crore |
upGrad: funding rounds
| Date | Round | Amount | Investors |
|---|---|---|---|
| May 2026 | Funding round | ₹361 crore | Ronnie Screwvala (lead, Rs 300 crore), Temasek (Rs 45 crore), IFC, 360 ONE |
Questions people ask
Which is bigger, PhysicsWallah or upGrad?
PhysicsWallah, by revenue. Its FY26 consolidated revenue was ₹3,899.5 crore, against ₹1,687 crore of revenue from operations for upGrad in the same year.
Is PhysicsWallah profitable?
Not for the full year. PhysicsWallah reported a consolidated net loss of ₹24.2 crore in FY26, narrower than ₹243.3 crore in FY25. In the September 2026 quarter it made a net profit of ₹144 crore. upGrad's FY26 net loss was ₹131 crore.
Who founded PhysicsWallah and upGrad?
PhysicsWallah was founded in 2020 by Alakh Pandey, who is chief executive, and Prateek Maheshwari. upGrad was started in 2015 by Ronnie Screwvala with Mayank Kumar, Phalgun Kompalli and Ravijot Chugh; Screwvala is chairman.
Which has raised more money?
The profiles do not give a like for like total. PhysicsWallah's IPO raised ₹3,480 crore in November 2025. upGrad's profile says it has raised more than $320 million from backers, and its latest round was ₹361 crore in May 2026.
Every figure on this page comes from the companies' StopDown profiles, which list the filing or statement behind each number: PhysicsWallah, upGrad. Revenue is revenue from operations unless the note says otherwise; valuations are as disclosed at a round or by the company; nothing here is investment advice. How StopDown counts.