UpGrad is a popular Indian edtech and skill company founded by Ronnie Screwvala 2025, Mayank Kumar, and others. UpGrad is a well-established learning platform designed to offer degree, diploma, certificate, bootcamp, and upskilling programs for working professionals. The company also serves enterprises and corporate clients by helping them improve their employees’ skills.
UpGrad has two key strengths: it combines university tie-ups with tech-enabled courses and short-term job-oriented programs. With the idea of improving the skills of students or working professionals, UpGrad targets a broad range of audience who are ready to pay for skill enhancement. Most people who join UpGrad have this idea of building new skills and getting better pay or switching to different roles.
In this business, upGrad is doing great and showing growth year on year. To understand how this company makes money, it would be a better idea to look at its business structure, revenue streams, and financial performance. Let’s get started.
How is the UpGrad Business Model Structured?
UpGrad has multiple layers in its business structure, which help in targeting a broader audience and making large sums through various streams. Some key segments are lifelong learning or higher education, certified and degree programs, which are in collaboration with universities. Then there is bootcamp certification or upskilling for working professionals. UpGrad also offers enterprise and corporate training, which becomes the cherry on top because every business wants skilled employees.
The cost and revenue structure is influenced by the enrolment, faculty, and regulatory cooperation, along with corporate sales operations and partner revenue sharing. Over the years, UpGrad has spent heavily on the development of content, maintaining technology, and hiring instructors. All these key factors are part of UpGrad operations, which seem like a flawless plan as the company is growing every year.
| Company/Brand | upGrad (Learning & Skilling Platform) |
| Establishment Year | 2015 |
| Headquarters | Mumbai, India |
| Founder/Owner | Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, etc. |
| Industry | EdTech / Online Learning / Upskilling / Higher Education / Corporate Training |
| Net Worth (2025) | Gross Revenue ₹ 1,876 crore; Total Income (Ind-AS) ₹ 1,547 crore. |
| Total Revenue 2025 | ₹ 560 crore loss in FY24; this is narrower than FY23. |
How Does UpGrad Make Money?
UpGrad relies on multiple income streams to have a steady source of income to manage the expenses of infrastructure and staff. These same revenue streams also help in making money for UpGrad. The following are key strategies:
1. Paid Learner or Enrolment in Course, Bootcamps, Certifications
The core business model of UpGrad is for individuals like students and working professionals who enrol in paid learning programs. These programs include bootcamps, certifications, short-term certification courses, degree, and diploma programs. UpGrad charges fees for these courses, which are substantial for professional or international certifications.
2 University and Degree Program Partnerships
upGrad partners with universities (Indian and foreign) to offer degree programs and accredited diplomas. Some revenue is generated via the sharing of tuition fees, or commissions/fees for managing the degree program components (content delivery, faculty interface, student support).
3. Corporate and Enterprise Upskilling
UpGrad has a segment of serving enterprise businesses where it sells training and upskilling plans to companies, governments, and other institutions. In these contracts, UpGrad offers customized content, delivering training for employees and similar upskilling programs. UpGrad has built its reputation in tech domains, soft skills, and leadership, where it is able to target a broad range of IT companies.
4. Advance and Payment Timing
Some revenue is collected in advance (before the course starts), which may be recognized later under accounting norms (Ind-AS). UpGrad carries forward “unrecognized but collected advance revenue” into future years. This helps cash flow even if accounting recognition is deferred. For example, in FY24, approximately ₹ 507 crore was advanced revenue carried forward to ensure the balance sheet appears better to investors.
Financial Performance
In FY24, UpGrad’s gross revenue reached approximately ₹1,876 crore, whereas the total income per Ind-AS accounting was approximately ₹1,537 in the same year. If we look at Profit after Tax or PAT, the company is making a loss by approximately ₹560 crore, which may seem like a big number, but the company is significantly doing better than FY23. The loss in 2023 was about ₹1,142 crore, which was reduced by almost half. All this shows a strong improvement.
What’s New in 2025?
UpGrad is targeting stronger growth and profitability in FY25. It aims for bootcamps & certification segments to grow approximately 40% YoY as demand for short-term, job-linked learning remains strong. International expansion is underway: upGrad is expanding partnerships with universities across Asia and the Middle East, targeting global executive education, and growing its transnational education programs. The key thing that makes UpGrad stand solid in their finances is no net debt, which offers flexibility, and the company is also able to raise funds due to this reason.
