This upGrad company profile covers the company's valuation, revenue, funding rounds, investors and history. upGrad works in education technology, with a focus on online higher education and skilling. It was founded in 2015 and is headquartered in Mumbai, Maharashtra, India. Its latest valuation on record is US$2.25 billion (October 2024). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Oct 2024 | Funding round | US$80M (including US$60M from Temasek and US$20M from Ronnie Screwvala's purchase of Bharti's stake) | US$2.25B | Temasek; Ronnie Screwvala | Outlook Business |
| Jun 2022 | Funding round | US$225M | US$2.25B | Lupa Systems (James Murdoch), ETS and others | DealStreetAsia |
upGrad timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2015 — upGrad is founded in Mumbai by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh.
- Jun 2022 — Funding round: US$225M, valuing the company at US$2.25B. Investors: Lupa Systems (James Murdoch), ETS and others.
- Oct 2024 — Funding round: US$80M (including US$60M from Temasek and US$20M from Ronnie Screwvala's purchase of Bharti's stake), valuing the company at US$2.25B. Investors: Temasek; Ronnie Screwvala.
Investors
Overview
upGrad is one of India's largest online higher education and professional skilling companies. It offers online degrees, diplomas and certificates in partnership with Indian and international universities, along with bootcamps, test preparation, study-abroad services and corporate training. Its learners are mostly working professionals and graduates seeking career advancement in areas such as data science, management, technology and law. upGrad was valued at US$2.25 billion in a June 2022 round and again in October 2024, when Temasek invested US$60 million.
Ronnie Screwvala co-founded upGrad in 2015 with Mayank Kumar, Phalgun Kompalli and Ravijot Chugh. Screwvala is one of India's best-known entrepreneurs, having founded UTV, a media company later sold to Disney. He has been upGrad's largest shareholder and chairman, and increased his stake to about 45% in 2024 by buying Bharti Enterprises' shares.
Products
- Online degrees: bachelor's and master's programmes with Indian and international universities.
- Certificates and diplomas: shorter programmes in fields such as data science, AI, management and marketing.
- Study abroad: programmes that combine online study with completion abroad, plus counselling.
- Test preparation and bootcamps: exam preparation and intensive skills courses.
- upGrad Enterprise: training programmes for companies.
Funding
upGrad was largely funded by Screwvala in its early years, then raised from investors including Temasek, IFC and Bharti Enterprises. It became a unicorn in 2021 at about US$1.2 billion. In June 2022 it raised US$225 million with participation from James Murdoch's Lupa Systems and ETS, doubling its valuation to US$2.25 billion. In October 2024 it closed an US$80 million round at a US$2.25 billion valuation, including US$60 million from Temasek, while Screwvala bought Bharti's stake for US$20 million. Some reports gave the 2024 valuation as about US$2.3 billion.
Acquisitions
upGrad has acquired many companies to expand its offerings, including Talentedge in executive education, Harappa in soft skills training, KnowledgeHut in technology bootcamps, and businesses in test preparation and study abroad. Acquisitions helped it build a broad portfolio but also added integration challenges.
Business model
upGrad earns tuition fees from learners, sharing revenue with university partners, and fees from companies for employee training. Many learners use financing to pay for programmes. Its economics depend on enrolments, completion rates, marketing costs and the mix between high-priced degrees and shorter courses.
Competition
upGrad competes with Eruditus, Simplilearn, Great Learning, Coursera and universities' own online programmes, and in test preparation with PhysicsWallah and others. Its strengths include a broad catalogue, university partnerships and strong brand recognition among Indian professionals.
upGrad at a glance
upGrad is a Mumbai online higher education company founded in 2015 by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh. It offers online degrees, certificates, study-abroad and corporate training. It was valued at US$2.25 billion in 2022 and in an October 2024 round including US$60 million from Temasek.
Timeline
- 2015: founded.
- 2021: becomes a unicorn at about US$1.2 billion.
- 2021–2022: makes several acquisitions.
- June 2022: raises US$225 million at US$2.25 billion.
- October 2024: Temasek invests US$60 million; Screwvala raises his stake.
Online degrees in India
Indian regulators have gradually allowed more universities to offer fully online degrees, opening a large market among working adults who can't attend campus. Demand is driven by career advancement, as many employers value formal qualifications for promotions. Edtech companies partner with universities to market and deliver these programmes. Quality, regulatory approval and employer recognition are key considerations for learners.
Who funds upGrad
upGrad's investors include Temasek, IFC, Lupa Systems, ETS and its co-founder and chairman Ronnie Screwvala, who holds the largest stake.
Who uses upGrad
upGrad's learners are mainly working professionals and graduates in India and other markets, along with companies training employees.
Valuation context
upGrad's valuation held steady between 2022 and 2024, while many Indian edtech companies saw sharp declines. Our guide to edtech unicorns compares it with peers.
Risks
- Edtech sentiment: investor confidence in Indian edtech has been fragile.
- Regulation: rules on online degrees and lending can change.
- Integration: many acquisitions must work together.
- Leadership changes: co-founder departures can affect execution.
Questions for learners
- Is the degree recognised by regulators and employers?
- What is the total cost, and how does financing work?
- What career support is included?
How an upGrad learner progresses
A software engineer in Bengaluru who wants to move into data science might enrol in an upGrad postgraduate programme offered with a partner university. Over about a year, they attend recorded and live sessions in the evenings and at weekends, complete assignments and projects, and receive mentorship from industry practitioners. upGrad's career services team helps with CV reviews, interview preparation and job referrals. Many learners pay through instalments or education loans. On completion, they receive a certificate or degree from the partner university. For learners, the appeal is a recognised credential and career support without leaving their job; for upGrad, the challenge is maintaining quality and outcomes across a very large number of learners.
Study-abroad programmes follow a different path, with learners completing part of a degree online in India before finishing on campus overseas, reducing the total cost of an international degree.
Lessons from India's edtech correction
Indian edtech companies raised record amounts in 2021, then faced a sharp correction as students returned to classrooms and investors demanded profitability. Byju's, once the country's most valuable startup, ran into severe financial and legal problems. Companies serving adult learners, such as upGrad, generally proved more resilient because working professionals continue to seek career advancement regardless of school schedules. Even so, they cut costs, slowed acquisitions and focused on profitable programmes. upGrad's ability to raise at an unchanged valuation in 2024 suggests investors saw it as one of the stronger players.
Learners should verify regulatory approval and employer recognition before enrolling in any online degree.
Latest developments (October 2026)
upGrad is preparing for an IPO and buying rivals. Reports say it is targeting a listing after June 2027 that could raise US$350 million to US$400 million, and it has explored acquiring Unacademy through a share swap, according to Inc42. FY25 filings showed revenue up 5.5% to about ₹1,569 crore and a net loss that roughly halved to about ₹274 crore. See our edtech unicorns guide.
What to watch
Watch profitability, IPO plans, acquisitions and regulatory changes for online degrees.
Takeaways
Professionals can earn degrees and certificates online. Founders can see how a serial entrepreneur built an edtech platform. Investors should watch profitability.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does upGrad do?
upGrad is a education technology / online higher education and skilling company headquartered in Mumbai, Maharashtra, India. It was founded in 2015.
What is upGrad's valuation?
upGrad was valued at US$2.25 billion as of October 2024, according to Outlook Business. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does upGrad make?
upGrad is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was upGrad's latest funding round?
The most recent financing we have verified is a funding round in Oct 2024: US$80M (including US$60M from Temasek and US$20M from Ronnie Screwvala's purchase of Bharti's stake), at a valuation of US$2.25B. Source: Outlook Business.
Who are upGrad's investors?
Investors named in public announcements include Temasek, Lupa Systems, ETS, IFC and Ronnie Screwvala.
Who founded upGrad?
upGrad was founded in 2015 by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh.
Is upGrad a public company?
No. upGrad is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is upGrad headquartered?
upGrad is headquartered in Mumbai, Maharashtra, India.