upGrad Achieves Valuation of $1.73 Billion

upGrad, an online higher education platform, has secured a valuation of approximately $1.73 billion (Rs 16,500 crore) as revealed in a report by Incwert Advisory Private Limited, which was evaluated by Startup Superb. This valuation follows the company’s recent funding acquisition of Rs 361 crore (around $38 million).

In this funding round, upGrad issued 8.91 crore compulsory convertible preference shares (CCPS) at a price of Rs 40.55 each, as detailed in the regulatory filings obtained from the Registrar of Companies (RoC).

Funding Round Leadership

The financing round was spearheaded by upGrad’s co-founder and chairman, Ronnie Screwvala, with an investment of Rs 300 crore. Participating in this funding round were existing investors such as Temasek, International Finance Corporation (IFC), and 360 ONE Opportunities Fund, contributing Rs 45 crore, Rs 10.33 crore, and Rs 6 crore respectively.

Strategic Acquisitions

This significant development coincides with upGrad’s ambitions to acquire Unacademy through a combination of cash and stock. The acquisition is currently awaiting consent from the Competition Commission of India (CCI).

Financial Performance Overview

According to the valuation report, upGrad recorded a provisional profit after tax (PAT) of Rs 38.8 crore during the 11 months ending February 2026, a remarkable improvement from a loss of Rs 273.7 crore in FY25. Additionally, the company saw its EBITDA turn positive at Rs 56.9 crore during the same period, recovering from a negative Rs 65.4 crore in the prior fiscal year.

Revenue Insights

During the first 11 months of FY26, upGrad generated revenue from operations totalling Rs 1,531.7 crore, a slight decrease from Rs 1,569.3 crore reported in FY25.

Valuation Methodology

The valuation report clarified that the equity value of upGrad was entirely calculated using the discounted cash flow (DCF) approach. The company is actively projecting robust long-term growth, anticipating revenues to exceed Rs 15,000 crore by FY31.