The upGrad Business Model of Online Degrees and Company Training
How course fees, study abroad and company training fit together at upGrad
Key Takeaways
- FY26 revenue from operations rose 7.5% to ₹1,687 crore.
- upGrad's FY26 net loss narrowed 52% to ₹131 crore.
- Ind-AS EBITDA was ₹123 crore in FY26, up from ₹15 crore in FY25.
- More than 700 companies used upGrad Enterprise in FY26.
Table of Contents 12 sections
The upGrad business model is built on selling higher education and skills programmes to working adults and students, and training, hiring and staffing services to companies. Learners pay fees for online degrees, certificates and study abroad programmes that upGrad runs with partner universities, and businesses pay upGrad Enterprise to train their teams.
In FY26, the year to March 2026, upGrad reported revenue from operations of ₹1,687 crore, up 7.5% from ₹1,569 crore. Its net loss narrowed 52% to ₹131 crore, while Ind-AS EBITDA rose to ₹123 crore from ₹15 crore a year earlier.
upGrad at a glance
| Item | Detail |
|---|---|
| What it does | Online degrees, certificates, study abroad programmes, and training, hiring and staffing for companies |
| Founded | 2015 |
| Co-founders include | Ronnie Screwvala (chairperson), Mayank Kumar and Phalgun Kompalli |
| Revenue from operations | ₹1,687 crore (FY26) |
| Gross revenue, including taxes | ₹2,070 crore (FY26) |
| Net loss | ₹131 crore (FY26) |
| Scale | More than 100,000 concurrent learners at any given time (August 2026) and more than 700 enterprise clients (FY26) |
| Valuation | About $1.7 billion (May 2026) |
| Listing | Private company, not listed on a stock exchange |
What upGrad does
upGrad is an online higher education company based in Mumbai. Its programmes include undergraduate and postgraduate degrees, MBAs, doctorates, diplomas, bootcamps and professional certificates. They cover technology, data and AI, management, finance and law, and are run with universities and institutes in India and abroad.
Many of its learners are working professionals who study online while they keep their jobs. upGrad also runs study abroad programmes, offline skilling programmes, and an enterprise arm that trains employees and helps companies hire and staff. AI is built into more than 80% of its programmes.
How the upGrad business model makes money
upGrad earns from a few connected streams. Its results statements do not give a rupee split between them, so the list below explains each one without amounts.
- Learner fees for degrees and certificates. A learner picks a programme from a partner university or institute and pays a course fee to study it online.
- Study abroad. Students who plan to study overseas pay for programmes and services that lead to campuses abroad.
- Offline skilling. Some programmes are taught in person.
- upGrad Enterprise. Companies pay for employee skilling, recruitment and staffing. More than 700 enterprises used it in FY26.
- Acquired platforms. In 2026 upGrad added Internshala, an internship and job marketplace, and the Unacademy group, which runs test preparation.
upGrad revenue model and how fees are booked
upGrad reports two kinds of top line. Gross revenue counts what it billed, including taxes, and was ₹2,070 crore in FY26, up 7% from ₹1,943 crore. Total income under Ind-AS accounting, which books course fees as the course is delivered, was ₹1,732 crore. In FY26, ₹530 crore had been collected but not yet booked as revenue, to be recognised in future years.
upGrad's Business Model Canvas
Is upGrad profitable
No. upGrad still reports a net loss, though it has shrunk each year. Revenue from operations was ₹1,487.6 crore in FY24, ₹1,569.3 crore in FY25 and ₹1,687 crore in FY26. Over the same years the net loss went from ₹560 crore to ₹274 crore and then ₹131 crore. In FY23 it was ₹1,142 crore.
On an Ind-AS EBITDA basis, which leaves out depreciation, interest and tax, upGrad turned positive in FY25 with ₹15 crore and reached ₹123 crore in FY26. The company said its marketing and technology costs came down in FY26 even as revenue grew.
upGrad in numbers
In its FY26 results statement in August 2026, upGrad said it has more than 100,000 concurrent learners at any given time across online skilling and degrees, study abroad and offline skilling.
upGrad founder, funding and valuation
upGrad was founded in 2015. Its co-founders include Ronnie Screwvala, who is chairperson, Mayank Kumar and Phalgun Kompalli. It became a unicorn in August 2021 when it raised $185 million led by Temasek at a $1.2 billion valuation. In October 2024 Temasek invested $60 million at a $2.25 billion valuation.
In May 2026 upGrad raised ₹361 crore. Ronnie Screwvala led the round, and Temasek, IFC and 360 ONE also took part. A valuation report prepared for the round put the company at about $1.7 billion.
upGrad's journey so far
| When | What happened |
|---|---|
| 2015 | upGrad is founded |
| August 2021 | Raises $185 million at a $1.2 billion valuation |
| October 2024 | Temasek invests $60 million at a $2.25 billion valuation |
| February 2026 | Acquires Internshala in a stock swap deal |
| May 2026 | Raises ₹361 crore at a valuation of about $1.7 billion |
| September 2026 | Completes the acquisition of the Unacademy group in an all stock deal |
upGrad and Unacademy
The Unacademy deal was a share swap that valued Unacademy at just over $200 million. The Competition Commission of India cleared it on 7 July 2026. It brings in Unacademy, PrepLadder, Graphy and Airlearn.
Who upGrad competes with
Emeritus, Simplilearn and Great Learning also sell online programmes built with universities to working professionals in India. Coursera offers online degrees and certificates. In study abroad, Leverage Edu works with students planning to go overseas. On the test prep side that came with Unacademy, PhysicsWallah is a rival.
Challenges upGrad faces
- It reports positive Ind-AS EBITDA but still a net loss, because costs such as depreciation sit below the EBITDA line.
- The ₹530 crore of fees collected but not yet booked is tied to courses it still has to deliver.
- It is bringing four businesses from the Unacademy group into the company, after talks were called off in January 2026 and a term sheet was signed in March.
Conclusion on the upGrad business model
upGrad sells degrees, certificates and study abroad programmes that it runs with partner universities, including working professionals who study online, and sells training, hiring and staffing services to companies through upGrad Enterprise. Learners pay course fees, and part of what it collects is booked as revenue over the following years as courses are delivered.
In FY26 the company reported ₹1,687 crore of revenue from operations and a net loss of ₹131 crore. In 2026 it added Internshala and the Unacademy group, and it remains a private company.
