upGrad Halves FY25 Loss To INR 273.7 Cr, Revenue Up 6%

Edtech major upGrad slashed its net loss by more than 51% to INR 273.7 Cr in FY25 from INR 559.8 Cr loss incurred in the previous fiscal. The startup’s shrinking losses came on the back of it trimming its expenses while simultaneously seeing a growth in its revenue.

However, the improvement came despite a slight increase in its top line. upGrad’s operating revenue rose 6% to INR 1,569.3 Cr from INR 1,487.6 Cr in the year ago period.

Including other income of INR 80.6 Cr, its total revenue stood at INR 1,649.9 Cr in the fiscal year under review. The other income component zoomed about 37% YoY. Besides, the startup’s bottom line also included an exceptional item gain of INR 6.7 Cr in the fiscal against a loss of INR 13.6 Cr incurred in FY24.

The financials come at a time when the Ronnie Screwvala-led company is taking several steps to strengthen its position in higher education, skilling and enterprise training.

Over the past year, upGrad has expanded its global footprint across the Middle East, Africa, Southeast Asia and North America, while also adding new leadership and seeking acquisitions.

In November, upGrad appointed Amitabh Kant, former G20 Sherpa of India and ex-CEO of NITI Aayog, as an independent non-executive director.

The startuphas also shown interest in acquiring its distressed edtech competitors. It recently submitted an expression of interest to acquire troubled startup BYJU’S, joining Ranjan Pai’s MEMG in the race.

The startup is also reportedly considering an all-stock acquisition of Unacademy, a deal that could value the rival at $300 Mn–$320 Mn, sharply below its 2021 peak valuation.

Beyond M&As, upGrad has strengthened its enterprise vertical. Earlier this year, it hired Neeraj Gera, former COO of Dentsu, as India head for enterprise delivery, and Neha Prasad Mullick, a former Amazon executive, as vice president for enterprise sales in North America.

Founded in 2015 by Screwval, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh, upGrad claims to be India’s largest higher education platform that provides programs for students and working professionals in fields like data science, AI/ML, software development, cloud & DevOps and digital marketing.

The startup has raised over $766 Mn from investors like IFC, 360 ONE Asset, IIFL Finance, among others.

Besides Screwvala and Kompalli, its other cofounders have exited the startup. While Kumar left the startup last year to found a new edtech venture, BorderPlus, Chugh left a few years ago to join Climb Credit as its chief product officer.

upGrad’s Major Expenses

The startup’s total expenses for the period stood at INR 1,942.6 Cr, decreasing 8% from INR 2,112.3 Cr spent in FY24.

Employee Benefit Expense

: The startup’s employee benefit expenses for the fiscal year dropped 5% to INR 703.6 Cr, from INR 741.3 Cr in the previous year.

Advertising And Promotional Expenses: Its advertising expenses for the year amounted to INR 303.6 Cr, down 11% from INR 340 Cr in the year ago period.

Miscellaneous Expenses: Expenses under this head, which the startup didn’t specify, amounted to INR 367.5 Cr, down 19% from INR 454.3 Cr in FY24.

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