UpGrad

UpGrad is an Indian edtech company headquartered in Mumbai, Maharashtra, founded in 2015. It provides online higher education programs, focusing on upskilling and reskilling for working professionals and students. Offering courses in data science, management, technology, and law, UpGrad partners with universities like IIM Bangalore, BITS Pilani, and international institutions. The platform serves over 10 million learners globally, with a presence in India, Southeast Asia, the Middle East, and North America. UpGrad’s business model emphasizes career-oriented education, combining academic rigor with industry-relevant skills. The company has raised over USD 555 million in funding and achieved a valuation of USD 2.25 billion as of 2024. Despite reporting losses, UpGrad aims for an IPO by 2027, targeting USD 750 million in revenue.

UpGrad

Company type	Private
Industry	EdTech
Founded	March 2015 (2015-03)
Founder	Ronnie Screwvala Mayank Kumar Phalgun Kompalli Ravijot Chugh
Headquarters	Mumbai, Maharashtra, India
Area served	Worldwide
Key people	Ronnie Screwvala (Chairman) Mayank Kumar (Co-founder) Phalgun Kompalli (Co-founder) Ravijot Chugh (Co-founder)
Products	Online higher education courses, certifications, degrees
Revenue	₹1,194 crore (US$140 million) (FY 2023)
Number of employees	3000+ (2023)
Website	www.upgrad.com

Founders & Leadership

• Ronnie Screwvala (Chairman and Co-founder): A serial entrepreneur, Screwvala founded UTV Software Communications and sold it to The Walt Disney Company in 2012. He graduated from Sydenham College, Mumbai. At UpGrad, he drives strategic vision and investor relations. He is known for his contributions to Indian media and education.
• Mayank Kumar (Co-founder): Kumar holds a Postgraduate Diploma in Management from IIM Ahmedabad. Previously a Senior Principal at The Parthenon Group, he advised education sector clients globally. He led UpGrad as Managing Director until 2024, focusing on growth and operations.
• Phalgun Kompalli (Co-founder): Kompalli graduated from IIT Delhi with a B.Tech. He worked at The Parthenon Group, advising on education and technology-enabled learning. He heads sales, marketing, and university partnerships at UpGrad.
• Ravijot Chugh (Co-founder): Chugh, also from The Parthenon Group, has expertise in product management and education strategy. He oversees career services, product, design, and student success at UpGrad.

Origin & Founding Story

Ronnie Screwvala, the founder of UpGrad

UpGrad was founded in 2015 by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh in Mumbai, India. The idea emerged from the growing demand for accessible, career-focused education in India, driven by increasing internet and smartphone penetration. Screwvala, a media mogul, saw potential in edtech to bridge skill gaps for professionals. Kumar, Kompalli, and Chugh, with their consulting backgrounds, brought expertise in education strategy. Initially bootstrapped, UpGrad partnered with top Indian and global universities to offer online programs. The founders aimed to address the skepticism around online learning by emphasizing quality content and industry relevance. By 2021, UpGrad became a unicorn, reflecting its rapid growth in the edtech sector.

Timeline

Year	Milestone
2015	UpGrad founded by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh in Mumbai.
2018	Achieved revenue run rate of INR 250 crore and 8,000 students.
2021	Became a unicorn with USD 185 million funding at USD 1.2 billion valuation.
2022	Raised USD 225 million from Lupa Systems and others.
2023	Reported revenue of INR 1194 crore, with 54% growth in paid learners.
2024	Secured USD 60 million from Temasek at USD 2.25 billion valuation.
2025	Partnered with ZuAi for an accelerator/incubator program.

Funding

Date	Round	Amount (USD)	Investors
August 2021	Series B	185 million	Temasek, IFC, IIFL
June 2022	Series B	225 million	Lupa Systems, Bharti Airtel family office, Lakshmi Mittal family office
August 2022	Series B	210 million	ETS Global, Bodhi Tree, Kaizen Management Advisors, Temasek, IFC, IIFL
October 2024	Series B	60 million	Temasek
October 2024	Debt Financing	35 million	Evolution X (DBS and Temasek)

Business Model

UpGrad operates a B2C and B2B model. In its B2C segment, learners pay upfront for programs, with 50% of fees contingent on placement success, a unique pricing structure in India. The B2B segment generates revenue by training corporate employees, serving 1,110 enterprise clients in FY23. Customer segments include working professionals (18–60 years) and students seeking upskilling in data science, management, and technology. UpGrad partners with universities and industry experts to deliver courses, emphasizing career outcomes and affordability. The company maintains an 80% gross margin and targets a 15% net margin for its planned IPO.

Products / Services

UpGrad offers a range of online education programs:

• Postgraduate Programs (PGPs): Certifications in data science, AI, machine learning, and management.
• Master’s Degrees: Collaborations with universities like Liverpool John Moores University and Golden Gate University for MBAs and tech degrees.
• Short-term Certifications: Courses in digital marketing, software development, and law.
• Study Abroad Programs: Support for international education, with 300% growth in 2021–2022.
• Government Test Prep: Through its acquisition, UpGrad Jeet, for competitive exams.
• Enterprise Training: Customized upskilling programs for corporate clients.

Courses are delivered via a digital platform with mentorship, career support, and industry-aligned content.

Growth & Metrics

UpGrad has served over 10 million learners by 2023, with a 54% increase in paid learners in FY23. Revenue grew 96% from INR 608 crore in FY22 to INR 1194 crore in FY23, though losses rose to INR 1142 crore. The company operates in 10 countries, with 25% of revenue from international markets. It employs over 3,000 people and manages 1,110 enterprise clients, projecting 75% client retention in FY24. UpGrad’s customer acquisition cost improved from 30% in FY23 to 22% in FY24. The platform has tie-ups with over 20 tier-I and tier-II universities, offering more than 70 courses.

Legal Entity Information

Field	Details
Legal Name	UpGrad Education Private Limited
Foundation Date	March 2015
Registrar of Companies (ROC)	ROC Mumbai
Corporate Identification Number (CIN)	U80900MH2015PTC262656
Registered Address	Ground Floor, Nishuvi, 75, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra 400018, India
Email ID	info@upgrad.com
Company Status	Active
Directors	Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, Ravijot Chugh
Authorized Share Capital	INR 22.5 crore
Paid-up Capital	INR 20.1 crore

Acquisitions and Investments

• KnowledgeHut (2021): Acquired to expand short-term skilling programs.
• Exampur (2022): Acquired for online competitive exam preparation.
• Centum Learning (2022): Acquired via stock swap to strengthen enterprise training.

Media & Public Recognition

UpGrad has been recognized as a leading edtech platform:

• Named among India’s top unicorns in 2021 by YourStory.
• Featured in The Economic Times for its USD 2.25 billion valuation in 2024.
• Covered by Business Standard for crossing USD 210 million ARR in 2021.
• Recognized by StartupTalky for its innovative business model.

FAQs

What is UpGrad’s primary focus?

UpGrad focuses on upskilling and reskilling professionals and students through online higher education programs in data science, management, and technology.

How does UpGrad generate revenue?

UpGrad earns through B2C program fees (50% placement-based) and B2B corporate training contracts.

What is UpGrad’s valuation?

As of October 2024, UpGrad is valued at USD 2.25 billion.

What are UpGrad’s international operations?

UpGrad operates in 10 countries, with 25% of its revenue from international markets.

External Links

• Official website
• LinkedIn
• X
• Instagram

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