upGrad has crossed another major revenue milestone, with the edtech company reporting gross revenue of ₹2,070 crore in FY26. That was up 7% from the previous year, while its total income after Ind-AS accounting stood at ₹1,732 crore. The company also has around ₹530 crore in collected revenue that will be recognised over the coming years.
The bigger improvement, however, came on the profitability side. upGrad’s EBITDA jumped more than eight times to ₹123 crore, compared with ₹15 crore in FY25. Its net loss also narrowed by 52% to ₹130 crore, marking the third year in a row that the company has more than halved its losses. Back in FY23, that figure stood at ₹1,142 crore.
The company says more than 100,000 learners were enrolled across its online skilling, degree, study-abroad and offline programmes during FY26. Its enterprise business also worked with over 700 companies on employee training, hiring and workforce development. AI has become a bigger part of the mix too, with more than 80% of upGrad’s programmes now including AI in some form.
At the same time, upGrad has been tightening costs. Marketing and technology expenses declined during the year even as revenue grew, something the company partly attributes to its increasing use of AI across operations.
The next phase could be shaped just as much by acquisitions as organic growth. upGrad is in the process of closing deals for Unacademy and Internshala, with the Unacademy transaction reportedly valued at around ₹1,955 crore. The combination would bring test preparation and creator-led learning into upGrad’s wider higher-education and skilling business. With revenue crossing ₹2,000 crore and losses continuing to shrink, upGrad now appears to be moving into a phase where scale and profitability are starting to come together.
Filed by
Startup Unplugged
