upGrad’s Gross Revenue Crosses ₹2,000 Cr In FY26, Loss Narrows 52% YoY To ₹130 Cr

Edtech major upGrad said its net loss narrowed 52% to ₹130 Cr in the financial year ended March 2026 (FY26) from ₹274 Cr in the previous fiscal year. 

The Ronnie Screwvala-led startup’s gross revenue, inclusive of taxes, rose 7% to ₹2,070 Cr during the year from ₹1,943 Cr in FY25. Its total income after Ind AS accounting stood at ₹1,732 Cr. 

Meanwhile, upGrad’s Ind AS EBITDA rose over eightfold to ₹123 Cr from ₹15 Cr in FY25. 

The startup also said it collected ₹530 Cr in revenue that is yet to be recognised and would be accounted for in subsequent years. 

This marked the third consecutive fiscal year in which upGrad more than halved its net loss. Its loss declined from ₹1,142 Cr in FY23 to ₹560 Cr in FY24, ₹274 Cr in FY25, and ₹130 Cr in FY26. 

The improved financial performance comes after sustained cost rationalisation at the edtech major. In FY25, upGrad’s operating revenue rose 6% YoY to ₹1,569.3 Cr, while net loss more than halved. Total expenses declined 8% to ₹1,942.6 Cr during the year. 

upGrad attributed the improvement in FY26 to AI-led efficiencies, saying its marketing and technology costs declined YoY even as revenue increased. 

The startup added that AI has been integrated into more than 80% of its programmes across disciplines such as technology, data, management, finance and law. 

upGrad said it has more than 1 Lakh concurrent learners across its online skilling and degree, study abroad, and offline skilling businesses. Its B2B arm, upGrad Enterprise, worked with more than 700 companies in FY26 for employee skilling, recruitment and workforce development. 

“FY26 has been a strong year on profitability, built on disciplined execution and right cost management,” upGrad CFO Mukesh Mundra said. 

Screwvala said the startup would focus on organic and inorganic growth over the next few years across India and international markets. 

Founded in 2015 by Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh, upGrad offers higher education and skilling programmes in areas including data science, AI and ML, software development, cloud and DevOps, and digital marketing. 

The startup has raised more than $320 Mn from investors including Temasek, International Finance Corporation and 360 ONE Asset. It entered the unicorn club in 2021 after raising $185 Mn from investors including Temasek and IFC. 

Kumar exited upGrad in 2024 to launch his new venture, edtech and global talent mobility startup BorderPLUS, that helps individuals get “nursing” jobs in healthcare facilities in overseas markets.

Meanwhile, Chugh left the startup in 2020 to serve as the chief product officer of student lending platform Climb Credit. He cofounded AI-native platform Neels AI in London earlier this year. 

upGrad’s Acquisition Spree

The improved financial performance comes as upGrad steps up its inorganic expansion.

In February, the edtech major acquired a 90% stake in internship marketplace Internshala through a stock-swap transaction. The acquisition expanded upGrad’s presence into internships and early-career hiring.

In March, upGrad signed a term sheet to acquire a majority stake in Unacademy through an all-stock transaction. Inc42 previously reported that the deal could value Unacademy at around ₹2,055 Cr, nearly 90% below its peak valuation of $3.4 Bn in 2021. 

As part of the transaction, Unacademy cofounder and CEO Gaurav Munjal will continue to lead the startup after the acquisition. Language learning platform Airlearn, which was incubated within Unacademy, will also be included in the transaction and become part of upGrad following the deal. 

The acquisitions are part of upGrad’s broader strategy of building an integrated platform covering the learner lifecycle, from education and skilling to internships and employment. The Unacademy acquisition will allow upGrad to enter the K-12 and test prep segments, while also sunsetting the intense competition between the two startups over the past decade. 

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