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Meanwhile, the company is preparing to acquire Unacademy and is currently awaiting approval from the Competition Commission of India (CCI) for the deal.
Unacademy Deal May Happen at ₹2,055 Crore
According to reports, Ronnie Screwvala-led upGrad is planning to acquire Unacademy for around ₹2,055 crore. The deal is expected to happen at a significantly lower valuation compared to Unacademy’s last private market valuation of $3.4 billion. If completed, the acquisition could further strengthen upGrad’s position in the online learning, skill-based education and test-prep market.
According to the company’s report, upGrad recorded nearly ₹1,532 crore in revenue and around ₹38 crore in profit after tax (PAT) during the first 11 months of FY26. However, these figures are provisional and unaudited. For the full FY26, the company expects revenue of around ₹1,972 crore and net profit of over ₹60 crore. In FY25, the company had reported a loss of ₹274 crore, making this performance a major turnaround for the edtech firm.
Strong Focus on Profitability in FY26
The report states that upGrad is planning an aggressive growth strategy for the coming years. The company expects revenue growth of 30% in FY27, 64% in FY28, and 59% in FY29. This growth is expected to be driven by acquisitions, international expansion and new education initiatives. The proposed Unacademy deal alone is expected to add nearly ₹500 crore in additional revenue.
upGrad’s Atlas University business is also witnessing rapid growth. Currently, around 7,500 students are enrolled there, providing the company with a strong recurring revenue base. After receiving NAAC accreditation, Atlas University can now offer online programs as well, making it easier to reach a larger student base.
Study Abroad and Global Expansion to Drive Growth
In addition, the company is rapidly expanding its Study Abroad business. Through offline counselling centres and international admission services, upGrad is helping students pursue education overseas. The company is also focusing on expanding its workforce training and skill development programs in countries such as Vietnam, Thailand and the UAE.
The company is also working aggressively on new initiatives like its Direct-to-Consumer (D2C) model and School of Tech, which are expected to witness significant growth over the next 12-18 months. Alongside this, upGrad has focused heavily on reducing costs and improving operational efficiency over the past two years. By controlling employee expenses, marketing costs and other operational expenditures, the company is aiming to strengthen its profitability.
Cost Optimization Strengthening the Company
Industry experts believe that amid rising demand for AI, online learning and skill-based education, upGrad is rapidly positioning itself as a strong global edtech platform. If the Unacademy deal goes through and the company successfully executes its current strategy, upGrad could emerge as one of the most influential players in India’s edtech sector in the coming years.
