upGrad Turns EBITDA Positive in FY25; AI-Led Expansion Drives Global Growth

Edtech major upGrad has reported a significant financial turnaround in FY25, achieving EBITDA profitability for the first time, driven by steady revenue growth, operational efficiency, and an accelerated global expansion powered by artificial intelligence (AI).

The company reported a Gross Revenue of ₹1,943 crore and a total income of ₹1,650 crore (post Ind-AS accounting), reflecting strong learner and enterprise demand. It also holds ₹556 crore in collected but unrecognised revenue to be realised in future quarters.

upGrad posted an Ind-AS EBITDA profit of ₹15 crore in FY25, compared to an EBITDA loss of ₹285 crore in FY24—a 105% year-on-year improvement. Excluding one-time costs, EBITDA profit stood at ₹38 crore versus a ₹202 crore loss last year. The company also reduced its net loss (PAT) by 51%, from ₹560 crore in FY24 to ₹274 crore in FY25, driven by stronger operating cash flows and disciplined cost management.

The company credited the turnaround to deep operational efficiencies, AI-driven innovation, and hybrid expansion through physical Experience Centres. Learner enrolments in the consumer segment grew 19%, led by strong demand for AI and technology programs, reaffirming upGrad’s position as one of the largest integrated AI-led learning ecosystems in India and Southeast Asia.

International markets contributed 20–25% of total revenue, with robust performance in Vietnam, Southeast Asia, the Middle East, and the USA. The company’s Study Abroad division also expanded to 10 destinations, including the US, UK, Canada, Germany, and Australia.

The Enterprise division recorded significant global expansion, especially in the GCC region and Eastern Europe, with repeat clients forming over 80% of its business. Demand for AI-focused enterprise training doubled year-on-year, adding new clients across India, North America, Europe, and the Middle East.

upGrad’s placements arm maintained strong momentum, facilitating hiring in high-demand domains like technology, data, AI, and finance—particularly across Mumbai, Bengaluru, and Delhi-NCR.

Commenting on the performance, Ronnie Screwvala, Co-founder and Chairperson of upGrad, said:

“FY25 has been a well-rounded year, reflecting our long-term strategic bets. Turning EBITDA positive while scaling an AI-led learning ecosystem across global markets shows that we’re not just building a business but a category with structural strength and a clear path to sustained profitability.”

Screwvala added that upGrad remains founder-funded, enabling “bold, high-confidence decisions” in technology and market expansion. The company now projects a 30% CAGR over the next 2–3 years, reinforcing its long-term growth trajectory and profitability focus.