upGrad turns EBITDA positive in FY25; reports Rs 1,943 Cr gross revenue

Integrated skilling and learning platform upGrad reported EBITDA profitability in the fiscal year ending March 2025 on the back of revenue growth, lower costs, and improved operational metrics.

The Mumbai-based company recorded gross revenue of Rs 1,943 crore during FY25, as per the company’s latest financial disclosure. After Ind-AS (accounting standard) adjustments, the company’s total income stood at Rs 1,650 crore in the last fiscal year. It also had Rs 556 crore in collections but unrecognised revenue, which will be recorded in future periods.

upGrad reported an Ind-AS EBITDA profit of Rs 15 crore in FY25 against an EBITDA loss of Rs 285 crore in FY24, the disclosure added. Excluding one-time costs, EBITDA stood at Rs 38 crore, compared to a loss of Rs 202 crore in the previous fiscal year.

upGrad has also improved its bottom line significantly as the firm managed to reduce losses by 51% year-on-year to Rs 274 crore, according to the data shared in the disclosure. Its non-cash expenses accounted for Rs 169 crore during the last fiscal year.

upGrad offers skilling programs and university-led degrees across its B2C and enterprise verticals in partnership with Indian and global universities.

During FY25, upGrad increased investment in its AI-led learning stack, career mobility infrastructure, and hybrid expansion via Experience Centres, the disclosure added. The firm claims that it saw a 19% rise in learner enrolments within the consumer segment, led by demand for technology and AI-focused programs.

As per the company, its international operations contributed 20-25% of total revenue. This growth was steered by traction across Vietnam, Southeast Asia, the Middle East, and the US. upGrad’s Study Abroad division expanded to 10 destinations including the US, UK, Germany, Canada, Australia, France, Finland, UAE, and Ireland, with Vietnam, Bangladesh, Nepal, and Sri Lanka next in line.

The Enterprise division expanded in the GCC and Eastern Europe, with repeat clients forming over 80% of its portfolio across BFSI, Energy, ITeS, and Auto sectors. As per the company, demand for its AI-related enterprise training doubled year-on-year.

“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 and chairperson of upGrad. “Turning EBITDA positive while scaling an AI-led learning portfolio across markets shows that we are building a category with long-term profitability. We are on track to achieve a 30% CAGR over the next two to three years,” he added.

upGrad has raised more than $320 million to date. According to the startup data intelligence platform TheKredible, Temasek is the largest external stakeholder with 20.5% while upGrad’s co-founder and chairperson Ronnie Screwvala and family hold 45% of the company.