Online higher education platform upGrad has been valued at around $1.73 billion (Rs 16,500 crore), according to a valuation report prepared by Incwert Advisory Private Limited and reviewed byEntrackr. The valuation comes as the company raised Rs 361 crore (around $38 million) in a fresh funding round. During the round, the company allotted 8.91 crore compulsory convertible preference shares (CCPS) at an issue price of Rs 40.55 each, according to regulatory filings accessed from theRegistrar of Companies(RoC). upGrad’s co-founder and chairman Ronnie Screwvala led the financing round with an investment of Rs 300 crore. Existing investors Temasek, International Finance Corporation (IFC), and 360 ONE Opportunities Fund also participated in the round with Rs 45 crore, Rs 10.33 crore, and Rs 6 crore, respectively. The development also comes at a time when upGrad is pursuing theacquisition of Unacademythrough a cash-and-stock deal. The transaction is currently awaiting approval from the Competition Commission of India (CCI). As per the valuation report, upGrad posted a provisional profit after tax (PAT) of Rs 38.8 crore during the 11-month period ending February 2026, compared to a loss of Rs 273.7 crore in FY25. Its EBITDA also turned positive at Rs 56.9 crore during the period from a negative Rs 65.4 crore in the previous fiscal. The Mumbai-based company recorded revenue from operations of Rs 1,531.7 crore during the first 11 months of FY26, slightly lower than Rs 1,569.3 crore reported in FY25. The valuation report stated that upGrad’s equity value was derived entirely through the discounted cash flow (DCF) method. The company is projecting aggressive long-term growth, with revenue expected to cross Rs 15,000 crore by FY31. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
