Edtech upGrad clocked a provisional post-tax profit of Rs 38.8 crore for the 11 months ended February 2026, swinging from a loss of Rs 273.7 crore in FY25 as it awaits approval for Unacademy's buyout.
The Economic Times wrote about the figures, citing a report by Incwert Valuation in the last week of March. Since the Incwert report was prepared before the close of FY26, full-year numbers were presented as estimates. upGrad's FY26 revenue was estimated at Rs 1,972 crore, up 26% from Rs 1,569 crore in FY25. It also expects profit after tax to cross Rs 60 crore for the year as against a net loss of Rs 274 crore in the previous fiscal year.
The report valued the company at $1.7 billion as of February 2026. That is below its peak valuation of $2.2 billion, which it reached in 2022 after raising $210 million in a funding round led by ETS Global and Bodhi Tree. In March 2026, Ronnie Screwvala-led upGrad announced plans to acquire 100% of rival learning platform Unacademy in a share-swap transaction. The acquisition now needs clearance from the Competition Commission of India (CCI).
In the lead-up to the deal, the two sides had disagreements on Unacademy's valuation. They eventually agreed to include a break fee clause. However, neither side disclosed the deal value at the time, saying details would be announced once the filings were complete and the transaction became public. The Economic Times had previously reported that upGrad would buy Unacademy for $218 million, a sharp fall from Unacademy's last private market valuation of $3.4 billion. Singapore's sovereign wealth fund, Temasek, owns about 22% of upGrad and nearly 5% of Unacademy, which is led by Gaurav Munjal.
Earlier this week, Unacademy co-founder Sumit Jain stepped down from his operating roles, with June 30 set as his last day at the company. Unacademy posted revenue from operations of Rs 826 crore in FY25, down from Rs 988 crore in FY24. Its net loss shrank to Rs 435 crore from Rs 631 crore a year earlier, Tracxn data shows. upGrad has also been adding assets outside the Unacademy deal. In February 2026, it acquired Internshala, a platform for internships and entry-level jobs. The transaction was reportedly structured as a 90% stock-swap deal and valued Internshala at around Rs 100 crore. upGrad competes with PhysicsWallah, Seekho and Adda247. In Q3 FY26, PhysicsWallah reported revenue from operations of Rs 1,082.4 crore, up 34%, and profit of Rs 102.3 crore, up 33.3%.
The report valued the company at $1.7 billion as of February 2026. That is below its peak valuation of $2.2 billion, which it reached in 2022 after raising $210 million in a funding round led by ETS Global and Bodhi Tree. In March 2026, Ronnie Screwvala-led upGrad announced plans to acquire 100% of rival learning platform Unacademy in a share-swap transaction. The acquisition now needs clearance from the Competition Commission of India (CCI).
In the lead-up to the deal, the two sides had disagreements on Unacademy's valuation. They eventually agreed to include a break fee clause. However, neither side disclosed the deal value at the time, saying details would be announced once the filings were complete and the transaction became public. The Economic Times had previously reported that upGrad would buy Unacademy for $218 million, a sharp fall from Unacademy's last private market valuation of $3.4 billion. Singapore's sovereign wealth fund, Temasek, owns about 22% of upGrad and nearly 5% of Unacademy, which is led by Gaurav Munjal.
Earlier this week, Unacademy co-founder Sumit Jain stepped down from his operating roles, with June 30 set as his last day at the company. Unacademy posted revenue from operations of Rs 826 crore in FY25, down from Rs 988 crore in FY24. Its net loss shrank to Rs 435 crore from Rs 631 crore a year earlier, Tracxn data shows. upGrad has also been adding assets outside the Unacademy deal. In February 2026, it acquired Internshala, a platform for internships and entry-level jobs. The transaction was reportedly structured as a 90% stock-swap deal and valued Internshala at around Rs 100 crore. upGrad competes with PhysicsWallah, Seekho and Adda247. In Q3 FY26, PhysicsWallah reported revenue from operations of Rs 1,082.4 crore, up 34%, and profit of Rs 102.3 crore, up 33.3%.