upGrad, the Indian edtech startup led by Ronnie Screwvala, has reported a 7% rise in gross revenue to ₹2,070 crore in FY26 while cutting its net losses by more than half to ₹130 crore. The company attributes this financial turnaround to AI-driven efficiencies and continued cost rationalization, alongside expansion through acquisitions.
- Gross revenue grows 7% to ₹2,070 Cr in FY26
- Net loss narrows 52% to ₹130 Cr with AI cost reductions
- Key acquisitions expand education-to-employment offerings
What happened
upGrad’s gross revenue rose to ₹2,070 crore in the financial year ending March 2026, marking a 7% increase compared to the previous year. Simultaneously, its net losses shrank from ₹274 crore in FY25 to ₹130 crore in FY26, thanks to stringent cost controls and AI-driven operational efficiencies. The startup’s EBITDA increased more than eightfold, reaching ₹123 crore.
The company integrated AI into over 80% of its learning programs, enabling reductions in marketing and technology expenses despite revenue growth. upGrad also amassed over 100,000 concurrent learners across its skilling, degree, study abroad, and offline offerings. Its B2B arm engaged with more than 700 companies for workforce development initiatives.
Why it matters
This financial progress signals upGrad’s growing maturity and resilience in a competitive Indian edtech market, driven by strategic adoption of artificial intelligence to optimize costs while scaling user engagement. The continued reduction in losses over three consecutive years underscores disciplined execution and a successful business model pivot.
Moreover, upGrad’s acquisition strategy enhances its market footprint by covering the entire learner lifecycle. By acquiring a majority stake in Unacademy, it now targets K-12 and test prep segments, while the purchase of Internshala expands its reach into internships and early career recruitment—integrating education with employment opportunities and addressing broader skill development needs.
What to watch next
Investors and industry watchers will be monitoring upGrad’s integration of its recent acquisitions and the company’s ability to sustain growth and EBITDA improvements as it expands domestically and internationally. The ongoing deployment of AI across programs will be critical to maintaining cost advantages and learner satisfaction.
Additionally, upGrad’s organic growth prospects and partnerships within India’s education and corporate sectors will be key to driving value creation. The startup’s future moves could also include further inorganic expansion or enhanced services across new geographies to consolidate its leadership in the education-to-employment ecosystem.