upGrad Turns EBITDA Positive in FY25, Reports ₹1,943 Crore Revenue
The integrated skilling and learning platform, upGrad, has announced a significant financial milestone, achieving EBITDA profitability in the fiscal year ending March 2025 (FY25). This achievement is attributed to robust revenue growth, operational efficiency, and cost management.
📊 Financial Highlights (FY25)
| Metric | Value (in Crores) | Details |
| Gross Revenue | ₹1,943 | The total recorded revenue for the fiscal year. |
| Total Income (Post Ind-AS) | ₹1,650 | Total income after accounting adjustments under Indian Accounting Standards. |
| Ind-AS EBITDA Profit | ₹15 | The reported profit at the EBITDA level (compared to a ₹285 crore loss in FY24). |
| Adjusted EBITDA (Excl. one-time costs) | ₹38 | The core operating profit after excluding one-time expenses (compared to a ₹202 crore loss in FY24). |
| Losses Reduced | ₹274 (Net Loss) | The company significantly improved its bottom line, reducing its net loss by 51% year-on-year. |
| Unrecognised Revenue | ₹556 | Collections made in FY25 that will be booked as revenue in future periods. |
📈 Operational & Strategic Growth
Learner Enrolment: The firm reported a 19% rise in learner enrolments within the consumer segment, primarily driven by high demand for AI and technology-focused programs.
International Contribution: International operations accounted for 20-25% of the total revenue, with strong traction in markets like Vietnam, Southeast Asia, the Middle East, and the US.
The Study Abroad division expanded its presence to 10 destinations, including the US, UK, Germany, and Canada.
Enterprise Segment: The Enterprise division saw significant expansion in the GCC and Eastern Europe.
Repeat clients constitute over 80% of its enterprise portfolio across sectors like BFSI, Energy, ITeS, and Auto.
Demand for AI-related enterprise training reportedly doubled year-on-year.
Investment Focus: upGrad increased investment in its AI-led learning stack, career mobility infrastructure, and hybrid expansion through Experience Centres.
🗣️ Leadership Commentary
Ronnie Screwvala, Co-founder and Chairperson of upGrad, stated:
"FY25 has been a well-rounded year for us, adding up to our strategic expansion and long-term bets from the past two years. 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 yea1rs."
The company, which offers skilling programs, university-led degrees, and certifications, has raised more than $320 million to date. Co-founder Ronnie Screwvala and his family hold a 45% stake, with Temasek being the largest external shareholder at 20.5%.