Acquisition · Education & Skilling
upGrad acquires majority stake in Internshala
By Startup Enthusiast ·
- Date
- Company
- upGrad
- What it does
- Higher education and skilling platform
- Kind
- Acquisition
- Sector
- Education & Skilling
What they do
UpGrad buys 90% of Internshala to combine job hiring with education services
What happened
The deal uses stock swap for an undisclosed amount based on a ₹100 Cr valuation. upGrad aims to double revenue to ₹100 Cr by leveraging AI talent matching
The details
- upGrad has acquired a 90% majority stake in Internshala through a stock swap agreement.
- The transaction value remains undisclosed, while Internshala carries a valuation of ₹100 Cr.
- Internshala will continue operating as an independent entity within the upGrad ecosystem.
- upGrad plans to fuse early employment opportunities with higher education for full career lifecycle services.
- The company targets 2X revenue growth to reach ₹100 Cr within the next two years.
- Growth drivers include AI-led talent matching and new enterprise hiring models.
- upGrad trimmed its FY25 net loss by over 50% through strict expense cuts.
- This move follows upGrad's history of acquisitions like Work Better and Talentedge.
The bigger picture
- The edtech sector saw funding dip 56% year-on-year in 2025.
- Only five acquisitions occurred in the edtech space during 2025.
- upGrad previously attempted a merger with Unacademy that failed due to valuation differences.
- upGrad had also bid on BYJU’S parent Think & Learn including Great Learning/Aakash.
About the business
- upGrad is India’s largest higher education platform offering data science and AI/ML programs.
- Internshala connects fresh talent directly with enterprises and SMBs for hiring needs.
- Internshala monetizes via direct candidate fees through its pro offering model.
- Internshala works closely with upGrad’s enterprise learning and development businesses.
- Internshala reports a steady growth rate of 30-40% annually.
- upGrad offers courses in software dev, cloud/DevOps, and digital marketing.
- upGrad raised over $320 Mn from investors like IFC and 360 ONE Asset.
What happens next
- upGrad aims to achieve 2X revenue growth to ₹100 Cr within two years.
- The company will implement AI-led talent matching to drive efficiency.
- upGrad plans to innovate products for enterprise hiring models.
The deal
- Type
- acquisition
Investors
- IFC (investor) — International Finance Corporation providing capital to upGrad.
- 360 ONE Asset (investor) — Asset management firm investing in upGrad.
- IIFL Finance (investor) — Financial services company backing upGrad.
Founders
- Ronnie Screwvala, cofounder/CEO
- Sarvesh Agrawal, founder/CEO
Other articles talking about it
More on upGrad
- upGrad completes all-stock acquisition of Unacademy Group1 September 2026 · Acquisition · $200 million
- upGrad reports FY26 results, loss halves again18 August 2026 · Results
- upGrad reports five times return on AI investment8 July 2026 · Analysis
- CCI approves upGrad acquisition of Unacademy for Rs 2,055 crore ($218 million)7 July 2026 · Acquisition · Rs 2,055 crore (~$218 million)
- upGrad appoints Mukesh Mundra as CFO26 May 2026 · People
- upGrad raises Rs 361 cr from Ronnie Screwvala and others20 May 2026 · Funding · Rs 361 cr (~$38 M)
- upGrad posts profit ahead of Unacademy merger20 May 2026 · Results · ₹38 Cr
- upGrad acquires Unacademy in all-stock swap deal4 May 2026 · Acquisition · ₹2,055 Cr
Same day
- Spintly raises $8M Series A from Accel for global expansion26 February 2026 · Funding · $8M
- Companion Labs raises $2.5 Mn seed round26 February 2026 · Funding · $2.5 Mn
- FREED raises ₹60 Cr to expand debt resolution services26 February 2026 · Funding · ₹60 Cr ($6.6 Mn)
- Gushwork raises $9m seed round led by Susquehanna Asia VC26 February 2026 · Funding · $9M
- Info Edge approves ₹250 Cr for new B8 Fund I26 February 2026 · New fund · ₹250 Cr
- Kriti Sanon invests in and endorses Supply626 February 2026 · Launch