UpGrad Revenue, Valuation, Funding & Investors

UpGrad is valued at $2.3B as of October 2024, a 8.8x multiple on its last reported $257M revenue.

Last UpGrad valuation

$2.3B

Undisclosed stage · Oct 2024

Last UpGrad funding round

$60M

Undisclosed stage · Oct 2024

UpGrad revenue

$257M

Undisclosed stage · Oct 2024

Key investors in UpGrad

  • Temasek
  • International Finance Corporation
  • IIFL Finance
  • Ronnie Screwvala
  • Lupa Systems
  • Unilazer Ventures

UpGrad Overview

About UpGrad

UpGrad is a Mumbai-headquartered online higher education platform partnering with universities like IIIT-B and Liverpool John Moores for degrees and certifications. It offers programs in data science, machine learning, cyber security, and management, serving over 1 million learners across India with mentorship and placement support since 2015.


Founded

2015

HQ

IndiaMumbai

Website

upgrad.com

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Revenue

$257M (Oct 2024)

Valuation

$2.3B (Oct 2024)

UpGrad Valuation

UpGrad is currently valued at $2.3B, based on its undisclosed-stage round in October 2024.

The $60M round was led by Temasek.

UpGrad's valuation has grown 3.8x from $600M at its undisclosed-stage round in April 2021 to $2.3B in October 2024, across 5 priced rounds.

UpGrad valuation by funding round

Revenue multiple
UpGrad valuation by funding round
DateStageValuationRevenue Multiple
Oct 2024Undisclosed stage$2.3B8.8x
Aug 2022Undisclosed stage$2.3B54.9x
Jun 2022Undisclosed stage$2.3B10.8x
Aug 2021Undisclosed stage$1.2B5.7x
Apr 2021Undisclosed stage$600M3.6x

UpGrad Revenue

UpGrad's latest recorded revenue is $257M, as of its undisclosed-stage round in October 2024. At a $2.3B valuation, that implies a 8.8x revenue multiple.

Revenue grew from $165M in April 2021 to $257M in October 2024, while the revenue multiple moved from 3.6x to 8.8x.

UpGrad revenue by funding round

UpGrad revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2024$257M$2.3B8.8xUndisclosed stage
Aug 2022$41M$2.3B54.9xUndisclosed stage
Jun 2022$208M$2.3B10.8xUndisclosed stage
Aug 2021$210M$1.2B5.7xUndisclosed stage
Apr 2021$165M$600M3.6xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

UpGrad Funding History

UpGrad has raised a total of $722M across 7 funding rounds, plus 1 secondary share sale.

UpGrad's first fundraising round was a $9M Series A in April 2021. The most recent completed round was a $60M undisclosed-stage round in October 2024.

UpGrad funding rounds

UpGrad funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2024SecondaryRonnie Screwvala (lead)$20M-UpGrad is an edtech company focused on higher education and upskilling, founded in 2015 by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, with presence in North America, Europe, West Asia, and Asia Pacific. In October 2024, Ronnie Screwvala, the co-founder and chairman, acquired Bharti Enterprises' 1 percent stake for $20 million, increasing his ownership to 45 percent. This secondary transaction occurred alongside Temasek's $60 million primary investment, closing an $80 million funding round at a $2.25 billion valuation. UpGrad reported quarterly revenue of around Rs 600 crore, translating to approximately Rs 2,400 crore for the ongoing financial year as of October 2024. The company became a unicorn in 2021 with a $1.2 billion valuation and has raised over $1 billion in total funding from investors including Temasek, IFC, Lupa Systems, and IIFL. Prior to this, UpGrad secured INR 3 billion in March 2023 led by Screwvala. Screwvala is taking a more hands-on role and plans to take UpGrad public in the next 7-8 quarters. The company reported operating revenue of Rs 1,169.6 crore in FY23, up 97 percent from Rs 595 crore in FY22, though net losses increased to Rs 1,141 crore.
Oct 2024Undisclosed stageTemasek (lead)$60M$2.3BUpGrad is an Indian edtech startup founded in 2015 by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, specializing in higher education, upskilling, skilling, reskilling, and placement services with presence in North America, Europe, Middle East, and Asia Pacific. In October 2024, Singapore's sovereign wealth fund Temasek Holdings invested $60 million in a Series F round (part of an $80 million total with Ronnie Screwvala buying Bharti Enterprises' 1% stake for $20 million, increasing his ownership to 45%), at a flat post-money valuation of $2.25 billion, matching prior rounds and below its 2021 unicorn status at $1.2 billion. Temasek now holds 17-18% stake, having previously invested in Series E (₹81 crore or ~$10 million in 2023) and earlier rounds; total funding raised across rounds reaches $385 million, with recent $35 million debt from Evolution X (DBS-Temasek JV). The investment supports growth amid edtech sector stress, where 2024 funding totals $650 million vs. $4.1 billion in 2021. UpGrad reported quarterly revenue of Rs 600 crore in the ongoing financial year (translating to Rs 2,400 crore annualized), with FY23 operating revenue at Rs 1,169.6 crore (up 97% from Rs 595 crore in FY22), though net losses widened 76% to Rs 1,141 crore. Enterprise revenue growth is robust with Q4 FY24 order book at Rs 104 crore; the company turned profitable in skilling/reskilling and placement services in Q4 FY24, placed 55,000 learners in FY24 (strong in marketing, data, tech), improved consumer CAC from ~30% in FY23 to ~22% in FY24, and saw non-university programme revenue up 22% QoQ and 81% YoY in Q4 FY24. Other major investors include Murdoch’s Lupa Systems, IFC, IIFL, and 360 One. UpGrad plans an IPO in 7-8 quarters, recently terminated an acquisition attempt of Unacademy due to valuation disputes ($300-400 million range), and follows peers like PhysicsWallah ($210 million raise) and Eruditus ($150 million at $3.2 billion flat valuation). This Temasek-led round is the third-largest edtech funding in 2024.
Mar 2023Undisclosed stageRonnie Screwvala (lead); Temasek$37M-UpGrad is an edtech startup focused on higher education and upskilling, founded in 2015 by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli. The company achieved unicorn status in 2021 with a valuation of $1.2 billion and operates across North America, Europe, West Asia, and the Asia Pacific region. UpGrad's most recent major funding round occurred in October 2024, when Singapore's sovereign wealth fund Temasek invested $60 million in a Series F round, maintaining the company's valuation at $2.25 billion. In a separate transaction, founder Ronnie Screwvala acquired Bharti Enterprises' 1% stake for $20 million, bringing his total ownership to 45%. For the financial year ending March 2023, UpGrad reported revenue of Rs 1,194 crore, representing a 96% increase year-over-year. More recently, the company achieved quarterly revenue of approximately Rs 600 crore, translating to an annualized run rate of Rs 2,400 crore for the current fiscal year. Temasek has been a consistent investor in the company, having participated in the Series E round in 2023 with approximately $10 million invested, and now holds a 17-18% stake following the Series F investment. UpGrad has raised a total of $385 million across multiple funding rounds and is planning to pursue an IPO within 7-8 quarters, with founder Screwvala taking on an increasingly active role following the departure of co-founder Mayank Kumar in late 2024.
Aug 2022Undisclosed stageEts Global (lead)$206M$2.3BupGrad, an edtech unicorn focused on higher education, online courses, and upskilling programs, raised $210 million in a funding round on August 8, 2022, led by ETS Global and Bodhi Tree Systems, with participation from Kaizen Management Advisors, family offices of Bharti Airtel, Narotam Sekhsaria, and Lakshmi Mittal, plus existing investors Temasek, IFC, and IIFL. The round valued the company at $2.25 billion post-money. Founder group invested $12.5 million to maintain over 50% ownership. Funds were primarily earmarked for acquisitions, with deals finalizing for four more education companies, bringing total acquisitions to 12. The company reported strong operational metrics, including over 80% program completion rates and 40% of total revenue from repeats and referrals year-on-year. It projected annual gross revenue of $400-500 million for FY23 (2022-23), with 45% from its own-branded programs. Historical financials showed revenue of $40.8 million (Rs 302.6 crore) for FY21 ended March 2021, with a loss of $28.5 million (Rs 211.1 crore); FY22 results were not yet filed at the time. upGrad, founded in 2015, positions itself as Asia's higher edtech leader with global presence in the UK, US, Middle East, India, Singapore, Vietnam, and beyond, serving career advancement for a 1.3 billion workforce amid the reskilling revolution. The round bucked edtech sector slowdowns, enabling expansion in digital reskilling and upskilling.
Jun 2022Undisclosed stageEducational Testing Service (ETS); Lupa Systems$225M$2.3BupGrad is a Mumbai-based edtech company focused on online higher education, offering courses, degrees, test prep, and lifelong learning programs for working professionals across India and globally, with partnerships including universities and a repository of online case studies. Earlier milestones included crossing USD 165 million ARR in April 2021 (USD 14 million monthly) and ₹1,200 crore ARR around August (with ₹100 crore monthly), alongside 1 million learners across 50+ countries, 10 million learning hours, and 85% course completion rates. In June 2022, upGrad raised funding in a Private Equity - II round at a post-money valuation of $2.25 billion; total funding across rounds reached approximately $632 million by that period. The company aimed for half a billion USD ARR by March 2022, with projections for strong growth in working professional segments (100% annual growth), international expansion (especially US targeting $60-90M ARR standalone), and contributions from four strategic M&As, Study Abroad, and Degree programs. upGrad targeted $2 billion revenue by 2026 through consolidation of international operations and acquisitions.
Aug 2021Undisclosed stageIIFL Finance (lead); International Finance Corporation (lead)$65M$1.2BupGrad is South Asia's largest higher edtech platform, offering lifelong learning programs for professionals aged 18-60, with deep learning content from global universities and industry experts, hyper-personalized AI-driven experiences, and high course completion rates. It partners with institutions like Duke Corporate Education and Michigan State University, focusing on career outcomes and covering segments from college entry to retirement. By 2021, upGrad had impacted over 2 million learners across 100 countries, tripled course offerings, and completed three acquisitions in 2020, including Knowledgehut and Govt Test Prep Jeet. In September 2021, upGrad achieved a gross revenue Annual Revenue Run Rate (ARR) of US$210 million, building on USD 165 million ARR reported in April 2021 (equivalent to about ₹1,200 crore monthly run rate of ₹100 crore). The company targeted 25% revenue growth in the subsequent quarter and forecasted reaching US$500 million ARR by March 2022, driven by 100% annual growth in the working professional segment, international expansion in APAC, EMEA, and US (aiming for USD 60-90 million ARR from US alone), four strategic M&As, and new launches in Study Abroad and Degree programs. upGrad aimed for non-linear growth through global M&As and consolidation, positioning itself as Asia's largest integrated edtech with a team of over 3,350 employees. The edtech market in India was projected to grow from $2.8 billion in 2020 to $10.4 billion by 2025, fueled by the Covid-19 shift to digital learning.
Apr 2021Undisclosed stageTemasek (lead); International Finance Corporation; IIFL Finance$120M$600MupGrad is South Asia's largest higher education edtech platform offering over 100 online courses in partnership with global universities including Deakin Business School, Duke CE, Michigan State University, Liverpool Business School, IIT Madras, and IIM Kozhikode. The company targets learners aged 18–60 across lifelong learning segments including working professionals, degree programs, and test preparation across more than 40 countries. In April 2021, around the time of the funding round led by Temasek Holdings (with IIFL Finance and International Finance Corporation as co-investors), upGrad announced it had crossed USD 14 million in monthly revenue and achieved an Annual Revenue Run Rate (ARR) of USD 165 million, representing significant growth from 2020 when the company grew revenue by 100 percent. The company's ARR is equivalent to INR 1,200 crore based on contemporaneous exchange rates. upGrad claimed over 1 million total registered learners globally and more than 62,000 paid students at this time. The company had executed three strategic acquisitions in 2020 and announced plans to reach USD 500 million ARR by March 2022, with the working professional segment expected to maintain 100 percent annual growth and international markets contributing an additional 50 percent. CEO Ronnie Screwvala stated the company was targeting USD 2 billion in revenue by 2026 and had achieved profitability in sight with 25 percent revenue growth forecasted for Q1 FY2022 (April–June 2021).
Apr 2021Series AUnilazer Ventures (lead)$9M-UpGrad is a Mumbai-based edtech platform offering online higher education and upskilling courses. In April 2021, it raised $9.3 million (Rs 70 crore) from Unilazer Ventures, a firm led by co-founder Ronnie Screwvala. The investment involved allotting 7 crore equity shares at Rs 10 each. Around this time, UpGrad reported an annual revenue run rate of $165 million for FY21 and had grown revenues 100% in 2020 while tripling course offerings through three acquisitions. The Unilazer round supported UpGrad's expansion in the edtech sector. Concurrently, UpGrad partnered with Israel's EyeWay Vision to develop augmented reality-enhanced learning experiences, aiming to create immersive 3D interactive environments for learners and potentially involve university partners in pilots. Note that a separate $120 million tranche in April 2021 led by Temasek valued UpGrad at over $600 million, with the full round reaching $1.2 billion valuation by August 2021.

Who has invested in UpGrad?

8 investors have backed UpGrad across its funding rounds, including Temasek, International Finance Corporation, IIFL Finance, Ronnie Screwvala, Lupa Systems and Unilazer Ventures.

Lead investors include Ronnie Screwvala, Temasek, Ets Global, IIFL Finance, International Finance Corporation and 1 other investor.


UpGrad Investors

Investors in UpGrad by funding rounds participated
InvestorHQRoundsRoleFirst check
TemasekSingaporeSingapore3LeadApr 2021
Ronnie ScrewvalaIndiaMumbai2LeadMar 2023
International Finance CorporationUnited StatesWashington, DC2LeadApr 2021
IIFL FinanceIndiaMumbai2LeadApr 2021
Educational Testing Service (ETS)United StatesPrinceton, NJ1ParticipantJun 2022
Lupa SystemsUnited StatesNew York City, NY1ParticipantJun 2022

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Acquisitions by UpGrad

UpGrad has acquired 15 companies to date.

Last acquisition by UpGrad was on March 14th 2026. UpGrad acquired Unacademy for $500M.


Latest Acquisitions by UpGrad

Unacademy
Internshala
Centum Learning
Harappa Education
Description
Unacademy is a Bangalore-headquartered edtech platform offering live classes and video content for competitive exams like UPSC, JEE, NEET, and GATE. Founded in 2015 from an initial YouTube channel started in 2010, it connects students with educators through interactive sessions and test preparation resources. The platform supports self-paced learning for millions of users across India, covering K-12 to professional certification subjects.
Internshala is a Haryana-based platform launched in 2010 offering internship searches, postings, career counseling, resume building, cover letter services, and training programs for students and employers.
-
Harappa Education is a Mumbai-based online learning provider offering cohort-based courses in professional competencies such as critical thinking, influence, and execution. Programs partner with companies like HCL Technologies for employee upskilling and feature curricula from Wharton and Harvard faculty. Harappa serves learners in India and the Middle East.
HQ CountryIndiaIndiaIndiaIndia
HQ City
Bangalore
-
New Delhi
New Delhi
Deal Date14 Mar 202626 Feb 202615 Sep 202222 Jul 2022
Valuation$500M$12M$15M$38M
EV/Revenue
EV/EBITDA

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UpGrad Competitors

UpGrad competitors include listed companies like COL Global, Alef Education and Youdao, and private ones like Multiverse, Age of Learning and Outschool.

Public and private companies comparable to UpGrad
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MultiverseUnited KingdomLondonPrivate$13M-$2.1B-
COL GlobalChinaChinaPublicly listed$247M($78M)$2.6B8.9x
Alef EducationUAEUAEPublicly listed$210M$150M$1.9B7.8x
YoudaoChinaChinaPublicly listed$881M$29M$1.7B2.0x
Age of LearningUnited StatesLos Angeles, CAPrivate$100M-$3B-
OutschoolUnited StatesSan Francisco, CAPrivate$100M-$3B30.0x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Perdoceo Education$846M$239M1.7x1.7x6.0x5.4x
John Wiley & Sons$1.7B$405M2.2x2.2x9.3x8.3x
McGraw Hill$2.1B$613M2.4x2.3x8.1x6.5x
Alef Education$210M$150M8.2x7.8x11.5x11.1x
COL Global$247M($78M)10.8x8.9x(34.3x)(2053.7x)
Strategic Education$1.3B$226M1.4x1.4x7.8x6.2x
Offcn Education Technology$334M$72M5.9x5.7x27.4x23.5x
Youdao$881M$29M2.1x2.0x63.1x33.8x

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Common questions about UpGrad

When was UpGrad founded?UpGrad was founded in 2015.
Where is UpGrad headquartered?UpGrad is headquartered in Mumbai, India.
Is UpGrad publicly listed?No, UpGrad is a private, VC-backed company.
What is UpGrad's valuation?UpGrad was last valued at $2.3B in its undisclosed-stage round in October 2024.
How much funding has UpGrad raised?UpGrad has raised $722M across 7 funding rounds.
What was UpGrad's last funding round?UpGrad's last funding round was a $60M undisclosed-stage round in October 2024, led by Temasek.
Who are UpGrad's investors?UpGrad's investors include Temasek, Ronnie Screwvala, International Finance Corporation, IIFL Finance, Educational Testing Service (ETS), Lupa Systems, Ets Global and Unilazer Ventures.
What is UpGrad's revenue?UpGrad's latest recorded revenue is $257M (October 2024).
What is UpGrad's revenue multiple?UpGrad's latest valuation implies a 8.8x revenue multiple ($2.3B valuation on $257M of revenue).
Which companies are comparable to UpGrad?Companies comparable to UpGrad include Multiverse, COL Global, Alef Education, Youdao, Age of Learning and Outschool.
How many companies has UpGrad acquired?UpGrad has acquired 15 companies, including Unacademy, Internshala, Centum Learning, Harappa Education and INSOFE.
What was the largest acquisition by UpGrad?The $500M acquisition of Unacademy in March 2026 is the largest acquisition UpGrad has made to date.

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UpGrad Revenue, Valuation, Funding & Investors | Multiples