upGrad narrows net loss by 30% to Rs 333.2 crore in FY25

After two years of heavy cash burn, online higher-education company upGrad Education Private Limited has narrowed its annual losses for the second consecutive year. The company reported a net loss of ₹333.2 crore in FY25, compared to ₹473.5 crore in FY24, signalling a 30% year-on-year reduction in losses. The company’s EBITDA loss also eased substantially to ₹146.7 crore, as per Tofler.

On the revenue front, upGrad reported ₹1,119.6 crore in FY 2024-25 (FY25), reflecting a 4.48% increase from the previous fiscal. b

On a consolidated basis, upGrad recorded sales of ₹1,569.3 crore, up 5.49% from ₹1,487.6 crore in FY24. Consolidated operating losses reduced sharply to ₹65.4 crore, compared to ₹344 crore in the prior year.

Total expenses for FY25 stood at ₹1,424 crore. Based on consolidated numbers, employee costs amounted to ₹703.7 crore, while other operating expenses totalled ₹930.2 crore. Cost of goods sold remained negligible at ₹0.8 crore.

Founded in December 2012, upGrad positions itself as a global higher-education and career-upskilling platform, offering postgraduate programmes, executive education and modular skill-development courses in partnership with universities and industry organisations worldwide.

Meanwhile, the edtech major is also reportedly in advanced talks to acquire rival Unacademy, specifically its test-prep business, in a deal that could value the company at $300–400 million (approximately ₹2,800–3,500 crore), according to recent media reports. If the transaction goes through, upGrad would significantly expand its footprint beyond higher-education and professional certification into competitive exam preparation, creating a broader and vertically integrated “skilling-to-exam-prep-to-certification” ecosystem.