upGrad, one of Asia’s largest Integrated skilling and Lifelong Learning majors today reported EBITDA profitability for FY25, driven by steady revenue growth, operating efficiency, and disciplined global expansion. The company reported a Gross Revenue of INR 1,943 crore, which post Ind-AS accounting closed at a total Income of INR 1,650 crore, reflecting sustained demand from learners and enterprises. Further, the company carries INR 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 INR 15 crore in FY25, marking a strong turnaround from an EBITDA loss of INR 285 crore in FY24 – a reduction of 105% in losses year-on-year. Excluding one-time costs, EBITDA profit stood at INR 38 crore versus a loss of INR 202 crore last year.
The company’s negative PAT reduced by 51%, from INR 560 crore in FY24 to INR 274 crore in FY25, of which non-cash items total INR 169 crore, supported by stronger operating cash flows. With improved PAT, the skilling major reinstates brand’s focus on profitability, efficiency, and long-term value creation.
FY25 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 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 20-25% of total revenue, driven by strong traction across Vietnam, Southeast Asia, the Middle East, and the USA. Its Study Abroad division continued robust performance, expanding to 10 key destinations including the US, UK, Germany, Canada, Australia, France, Finland, UAE, 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 over 80% of its client base – primarily across Power & Energy, BFSI, 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. Hiring demand remained strongest in Mumbai, Bengaluru, and Delhi-NCR, followed by expanding activity in Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.
“FY25 has been a well-rounded year for us – adding up to our strategic expansion and long-term bets from the past two years,” said Ronnie Screwvala, Co-founder & Chairperson, 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 & 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 2-3 years, reinforcing the scalability and long-term resilience of our model.”