Global skilling major upGrad has reported EBITDA profitability for fiscal year 2025, driven by sustained revenue growth, operational efficiency, and disciplined global expansion. The company reported a gross revenue of $227 million (Indian rupees 1,943 crore), which, post-Ind-AS accounting, closed at a total income of $193 million (Indian rupees 1,650 crore), reflecting sustained demand from learners and enterprises. Further, the company carries $65 million (Indian rupees 556 crore) collected but unrecognised revenue, to be recognised in the future.
upGrad posted an Ind-AS EBITDA profit (including one-time costs and other income) of $1.8 million (Indian rupees 15 crore) in FY 2025, marking a strong turnaround from an EBITDA loss of INR 33 million (Indian rupees 285 crore) in FY 2024, representing a 105% year-on-year reduction in losses. Excluding one-time costs, EBITDA profit stood at $4.4 million (Indian rupees 38 crore) versus a loss of $24 million (Indian rupees 202 crore) last year.
The company’s negative PAT reduced by 51%, from $66 million (Indian rupees 560 crore) in FY 2024 to $32 million (Indian rupees 274 crore) in FY 2025, of which non-cash items total $20 million (Indian rupees 169 crore), supported by stronger operating cash flows. With improved PAT, the skilling major reinstates focus on profitability, efficiency, and long-term value creation.
Fiscal year 2025 saw the company deepen efficiencies across functions while strategically investing in its AI-driven learning stack, career mobility infrastructure, and hybrid expansion through experience centres. Learner enrolments within the consumer segment grew by 19%, driven by AI- and tech-focused programs. upGrad’s AI and technology portfolio remained a key growth engine, reinforcing its position as one of the largest integrated AI-led learning ecosystems in India and Southeast Asia.
International markets contributed 20% to 25% of total revenue, driven by strong traction across Vietnam, Southeast Asia, the Middle East, and the United States. Its study abroad division continued robust performance, expanding to 10 key destinations, including the United States, United Kingdom, Germany, Canada, Australia, France, Finland, United Arab Emirates, and Ireland, with Vietnam, Bangladesh, Nepal, and Sri Lanka next in line.
upGrad’s enterprise division expanded globally with deeper penetration across the GCC and new entries into Eastern Europe, while repeat business accounted for more than 80% of its client base, primarily across power and energy, BFSI, IT-enabled services (ITeS), and automobiles. Demand for AI-focused enterprise training doubled year-on-year, adding new clients across India, North America, Europe, and the Middle East. The placements arm also maintained strong momentum, facilitating hiring across high-growth domains such as technology, data, AI, and finance. In India, hiring demand remained strongest across Mumbai, Bengaluru, and Delhi-NCR, followed by expanding activity in Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.
"FY 2025 has been a well-rounded year for us, adding up to our strategic expansion and long-term bets from the past two years,” saidRonnie Screwvala, co-founder and chairperson of upGrad.
"Our moat of enabling individuals with high-value skilling is now delivering measurable ROI across markets — from India to Vietnam, the Middle East, and North America. Being founder-funded allows us to make bold, high-confidence decisions in tech and market expansion without compromising profitability. Turning EBITDA positive while scaling a deep, AI-led learning portfolio across all career stages and global markets shows that we are not just building a business — we’re building a category with structural strength and a clear path to sustained profitability. With this momentum, we are on track to achieve a CAGR of 30% over the next two to three years, reinforcing the scalability and long-term resilience of our model," added Screwvala.
Founded in 2015, upGrad is one of Asia’s largest integrated skilling and lifelong learning majors, powering the complete learning cycle of individuals. It offers a range of online and hybrid skilling programs and certifications under its B2C portfolio and facilitates top Indian and global universities to offer their diploma, master’s, and executive doctorates, with all degrees awarded solely by the respective universities, supporting every career stage of individuals, from first job to boardroom. Additionally, select programs are tailored for enterprise clients under the corporate skilling division, along with other recruitment and staffing services. More details can be found at www.upgrad.com.
(Exchange rate: $1 = 85.46 Indian rupees)
