upGrad Raises Fresh Capital At $1.7 Billion Valuation
upGrad has achieved a valuation of approximately $1.73 billion (around ₹16,500 crore) following a fresh funding round, according to a valuation report prepared by Incwert Advisory Private Limited.
The development comes as the online higher education platform raised ₹361 crore (around $38 million) through a new financing round. Regulatory filings accessed from the Registrar of Companies (RoC) showed that the company allotted 8.91 crore compulsory convertible preference shares (CCPS) at an issue price of ₹40.55 each.
The funding round was led by upGrad co-founder and chairman Ronnie Screwvala, who invested ₹300 crore into the company.
Existing investors including Temasek, International Finance Corporation (IFC), and 360 ONE Opportunities Fund also participated in the round.
upGrad Turns Profitable In FY26
The latest valuation comes at a significant time for upGrad as the company has also reported a sharp improvement in financial performance.
According to the valuation report, upGrad posted a provisional profit after tax (PAT) of ₹38.8 crore during the 11-month period ending February 2026. This marks a major turnaround from the ₹273.7 crore loss reported in FY25.
The company’s EBITDA also turned positive at ₹56.9 crore compared to a negative EBITDA of ₹65.4 crore during the previous fiscal year.
Industry analysts view the profitability milestone as a major achievement for the edtech sector, which has witnessed funding slowdowns, restructuring and cost-cutting measures over the past two years.
Revenue Remains Stable Amid Expansion Plans
The Mumbai-based company reported revenue from operations of ₹1,531.7 crore during the first 11 months of FY26, slightly lower than the ₹1,569.3 crore recorded during FY25.
Despite relatively flat revenue growth, the company appears to have significantly improved operational efficiency and profitability metrics.
According to the valuation report, upGrad’s equity valuation was derived entirely using the discounted cash flow (DCF) method, indicating strong long-term growth expectations.
The company is reportedly projecting aggressive expansion over the coming years, with revenue expected to cross ₹15,000 crore by FY31.
upGrad Continues Expansion Through Acquisitions
The development also comes while upGrad pursues the acquisition of Unacademy through a proposed cash-and-stock transaction.
The deal is currently awaiting approval from the Competition Commission of India (CCI) and could become one of the biggest consolidation moves in India’s edtech industry.
Industry observers believe the acquisition would significantly strengthen upGrad’s position across online higher education, test preparation and professional upskilling segments.
The latest funding round and profitability improvement indicate that upGrad is focusing heavily on sustainable growth, operational discipline and long-term market leadership as India’s edtech ecosystem matures.
