**upGrad Prepares for $350-400 Million IPO Amid Expansion Plans**
**Meta Description:** upGrad, backed by Temasek, is gearing up for a $350-400 million IPO while pursuing acquisitions and global expansion.
**URL Slug:** upgrad-ipo-preparations-expansion-plans
**upGrad Prepares for $350-400 Million IPO Amid Expansion Plans**
MUMBAI: upGrad, the edtech company supported by Temasek, has initiated early preparations for an initial public offering (IPO) that could potentially raise between $350 million and $400 million. This move comes as the company also seeks to expand through acquisitions and mergers. Currently, upGrad is in discussions to acquire certain assets from the struggling edtech firm Byju’s and is considering a share-swap deal with Unacademy, valued at approximately $300 million to $400 million.
These strategic initiatives are part of upGrad’s efforts to realign its business ahead of a planned listing in 2027. The company is focusing on consolidation, international growth, and maintaining cost discipline following the downturn in the edtech sector post-pandemic.
According to sources familiar with the situation, upGrad is engaging in informal talks with bankers regarding the IPO, with formal presentations expected in the first quarter of next year. The anticipated IPO is likely to be primarily a new issue, with a smaller portion allocated for existing shareholders. The listing is tentatively scheduled for after June 2027, with the company aiming to finalize its selection of investment banks by February or March of the upcoming year.
In response to inquiries, a company spokesperson stated, “We have clarified that we are looking at a 2027 IPO. Absolutely no banker conversation, as of date. It’s too premature to comment on the size of the IPO or how much is primary; but founders own more than half the company and will not look at an offer for sale.”
As part of its strategic reset, upGrad is increasingly focusing on international markets, which now contribute about 40% of its B2C revenue. The company has experienced significant growth in regions like West Asia and Southeast Asia, where there is a rising demand for skilling and AI-driven educational programs. Additionally, upGrad is enhancing its offline presence in India to better reach early-career professionals while prioritizing cost management and profitability in anticipation of its potential IPO.
Founded in 2015, upGrad operates an omni-channel model that includes online courses, degree programs in collaboration with Indian and global universities, study-abroad options, and offline learning centers. The firm serves students and working professionals both in India and internationally. To date, upGrad has raised nearly $329 million, including a $60 million funding round last year, with other investors such as IFC, EvolutionX, and 360 One. The company reported a 5.5% increase in consolidated revenue to ₹1,569.3 crore in FY25, reduced its net loss to ₹273.7 crore, and achieved operational profitability.
**FAQ**
**What is upGrad’s IPO plan?**
upGrad is preparing for an IPO that could raise $350-400 million, with a target listing in 2027 while pursuing acquisitions and international expansion.
