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Funding · Education & Skilling

upGrad raises Rs 361 cr from Ronnie Screwvala and others

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Date
Company
upGrad
What it does
Online higher education platform
Kind
Funding
Amount
Rs 361 cr (~$38 M)
Stage
Series E
Sector
Education & Skilling

What they do

UpGrad is an online higher education and upskilling platform partnering with top Indian institutes

What happened

The company raised Rs 361 crore in a funding round led by co-founder Ronnie Screwvala. upGrad posted its first annual profit of Rs 38.8 crore while pursuing…

The details

  • upGrad raised Rs 361 crore through the sale of 8.91 crore CCPS at Rs 40.55 per share.
  • Co-founder and chairman Ronnie Screwvala led the investment with Rs 300 crore.
  • Investor Temasek participated by investing Rs 45 crore in the latest round.
  • International Finance Corporation (IFC) invested Rs 10.33 crore as a participant in this deal.
  • 360 ONE Opportunities Fund contributed Rs 6 crore to the funding round.
  • The company's valuation stands at $1.73 billion based on a discounted cash flow analysis.
  • upGrad aims to cross Rs 15,000 crore in revenue by fiscal year 2031.
  • The firm is pursuing an acquisition of Unacademy via a cash-and-stock deal pending regulatory approval.

The bigger picture

  • upGrad achieved profitability for the first time with a PAT of Rs 38.8 crore.
  • This marks a significant turnaround from a loss of Rs 273.7 crore in the previous fiscal year.
  • Earnings before interest, taxes, depreciation, and amortization turned positive at Rs 56.9 crore.
  • Revenue grew to Rs 1,531.7 crore in the eleven months ending February 2026.
  • The new capital supports strategic expansion and potential consolidation in the edtech sector.

About the business

  • upGrad operates an online higher education and professional upskilling platform.
  • It partners with premier institutes like IITs, IIMs, and IIITs across India.
  • Global partnerships include collaborations with MICA, ISM Germany, and Northeastern University.
  • The company also works with tech giant Microsoft and ESGCI Paris for courses.
  • Additional academic ties exist with O.P. Jindal Global University and Touro University.
  • Revenue reached Rs 1,531.7 crore in the fiscal year ending February 2026.
  • Profit after tax was recorded at Rs 38.8 crore for the same period.
  • EBITDA improved significantly to Rs 56.9 crore from a negative position previously.
  • The business model relies on course fees from students seeking career advancement.

What happens next

  • upGrad plans to acquire Unacademy through a cash-and-stock transaction.
  • The acquisition requires final approval from the Competition Commission of India.
  • The company targets revenue growth to cross Rs 15,000 crore by FY31.

The deal

Type
funding

Investors

  • Ronnie Screwvala (lead) — Co-founder and chairman of upGrad who invested Rs 300 crore.
  • Temasek (participated) — Singaporean state investment company that invested Rs 45 crore.
  • International Finance Corporation (IFC) (participated) — The World Bank group member that invested Rs 10.33 crore.
  • 360 ONE Opportunities Fund (participated) — Investment fund that contributed Rs 6 crore to the round.

Founders

  • Ronnie Screwvala, co-founder and chairman
  • Mayank Kumar, founder
  • Phalgun Kompalli, founder

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