UpGrad appoints former G20 sherpa Amitabh Kant to Board ahead of potential IPO

UpGrad, the higher-education and upskilling company led by Ronnie Screwvala, has named Amitabh Kant, India's former G20 Sherpa, as an independent non-executive director on its board. Kant's appointment aligns with UpGrad's accelerated global expansion strategy and its preparation for a potential public listing within the next 18 months.

The Mumbai-based firm has broadened its global reach over the last two years, serving enterprise clients across the Middle East, Africa, Southeast Asia, and the US, and forging partnerships with universities in the UK, Australia, Europe, and North America.

UpGrad has also focused on investments in multi-campus learning infrastructure, AI-driven learning systems, and personalized content. Commenting on the appointment, Kant stated his decision was based on observing UpGrad's "cutting-edge" work, its online platform, and its physical centers, noting the strong young talent driving the company. He emphasized that India requires rapid, large-scale upskilling, which UpGrad is currently providing through its strong company collaborations.

UpGrad reported achieving Ebitda profitability in FY25, with gross revenue of ₹1,943 crore. After accounting for Ind-AS adjustments, the total income was ₹1,650 crore. The company projects substantial profitability in FY26, with anticipated revenue between ₹2,200 crore and ₹2,400 crore. The company competes with players such as Eruditus, Great Learning, and Simplilearn.

UpGrad last raised $60 million from Singapore sovereign wealth fund Temasek at a flat valuation of $\$2.25$ billion last year.The Indian edtech sector saw a rebound in funding activity during the first half of 2025 compared to the same period last year, with capital primarily flowing into platforms focused on study-abroad services, workforce skilling, and AI-leveraging startups in language and vernacular education.

Screwvala addressed the market sentiment, arguing that the entire edtech sector should not be negatively impacted by the issues faced by one or two large investments, specifically referencing Byju's. He differentiated the sectors, noting that the companies attracting the most scrutiny were in K-12, while UpGrad operates in higher education. Screwvala indicated that while domestic investors continue to support the sector, many foreign investors withdrew following the governance issues at Byju's.

Screwvala is also directing his focus toward investing in startups, allocating a $\$50$ million corpus to back platforms in AI and other frontier technologies. He has recently invested in several AI-led ventures, including SpeakX and ZuAI, with a space-tech deal underway. In related acquisition news, UpGrad previously submitted an Expression of Interest (EoI) to bid for Think & Learn, the bankrupt parent of Byju's. Screwvala has specifically expressed interest in Great Learning and Aakash. Furthermore, UpGrad is currently in discussions with Unacademy's investors and cofounders regarding a potential acquisition, which values the SoftBank-backed startup at $\$300-320$ million, a significant reduction from its last private valuation.