upGrad was founded by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh in 2015.
Explore the story of upGrad founders Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh, from its 2015 launch to its growth through funding, acquisitions and edtech expansion.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, Ravijot Chugh |
| Prior Ventures | Ronnie Screwvala – Founder, UTV Group (sold to Disney); Mayank Kumar – VP Education, Bertelsmann; Phalgun Kompalli – The Parthenon Group |
| Role | Co-Founder and Chairperson, upGrad (Ronnie Screwvala) |
| Founded | 2015 |
| Sector | Higher Education / Upskilling |
Introduction
Ronnie Screwvala had already built and sold one of India’s largest media conglomerates, UTV Group, to Disney before turning his attention to a very different audience: working professionals who had outgrown their formal education. In 2015, he teamed up with Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh to launch upGrad, betting that online higher education could bridge the gap between traditional degrees and the skills India’s job market actually needed. (LinkedIn) A decade on, upGrad has become one of India’s largest higher-education platforms and is now leading a wave of edtech consolidation. (Value For Startups)
The upGrad Story
Before founding upGrad, Kumar spent years as VP of Education at Bertelsmann, Europe’s largest media and education conglomerate, while Kompalli brought consulting experience from The Parthenon Group’s education practice across emerging markets. (StartupTalky; CrazyEngineers) Screwvala, meanwhile, had already scaled UTV into a conglomerate with an enterprise value of $1.4 billion before exiting in 2012. (Forbes India)
The founders launched upGrad in early 2015 with an initial investment of ₹100 crore, focusing on postgraduate programs in data science, technology, and management delivered in partnership with institutions like IIT Bombay and Deakin University. (CrazyEngineers; MirrorReview) Within four years, upGrad had become India’s largest online higher-education company by gross revenue, and it went on to reach unicorn status in August 2021, following a $185 million round at a $1.2 billion valuation. (LinkedIn; Value For Startups)
From there, upGrad pursued an aggressive acquisition strategy, buying companies including Centum, Exampur, Harappa Education, Insofe, and Work Better to broaden its offerings. (Business Standard) That expansion strategy has continued into 2026, with upGrad signing a term sheet to acquire rival Unacademy in an all-stock deal, alongside its earlier acquisition of Internshala. (Value For Startups)
Business Model
upGrad earns revenue primarily through tuition fees for its degree and certification programs:
| Revenue Stream | How It Works |
|---|---|
| Degree programs | Online undergraduate and postgraduate degrees with university partners |
| Certification and upskilling courses | Short-form and executive programs in tech, data, and management |
| Study abroad services | Fees from international education placement and counselling |
| Enterprise and campus programs | Corporate upskilling and campus-linked job placement programs |
(Sourced from Value For Startups)
Funding History
| Round | Year | Amount | Key Investors |
|---|---|---|---|
| Series A/B | 2018–2020 | ₹100+ crore | IIFL, Kalaari Capital, Lakshmi Mittal family office |
| Unicorn round | Aug 2021 | $185 million | Temasek and other existing investors |
| Series F | 2024 | $60 million | Temasek (Ronnie Screwvala also increased his stake) |
| CCPS round | 2026 | ₹361 crore (~$38 million) | Ronnie Screwvala, Temasek, IFC, 360 ONE Opportunities Fund |
(Sourced from Dealroom and Entrackr)
Overall, upGrad has raised roughly $385 million to date. Its 2026 funding round, led by Screwvala himself, valued the company at approximately $1.73 billion, down from a peak of $2.25 billion reported in 2024. (Dealroom; Entrackr)
Revenue and Growth
| Metric | FY24 | FY25 |
|---|---|---|
| Consolidated Revenue | ₹1,487.6 crore | ₹1,569.3 crore (up 5.5%) |
| Net Loss | ₹559.5 crore | ₹273.4 crore (down 51%) |
(Sourced from Business Standard)
Notably, upGrad’s momentum has continued into FY26: provisional financials for the 11 months through February 2026 show the company turning a ₹38.8 crore profit and positive EBITDA of ₹56.9 crore, a sharp reversal from its FY25 losses. (Entrackr)
upGrad vs Competitors
upGrad competes with Coursera, Simplilearn, edX, and Unacademy in India’s online higher-education and upskilling market. (StartupTalky) Unlike test-prep-focused rivals, upGrad has concentrated on degree-equivalent and postgraduate programs aimed at working professionals, a positioning that has helped it weather the broader edtech slowdown better than K-12-focused peers.
Key Takeaways
- Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh founded upGrad in 2015 to serve working professionals seeking upskilling.
- The company became a unicorn in 2021 at a $1.2 billion valuation and has raised roughly $385 million to date.
- FY25 revenue grew 5.5% to ₹1,569.3 crore, while net loss narrowed 51% to ₹273.4 crore.
- Provisional FY26 figures show upGrad turning profitable, with a ₹38.8 crore profit over 11 months.
- The company is expanding through acquisitions, including a 2026 term sheet to acquire rival Unacademy.
FAQs
Who founded upGrad?
Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh founded upGrad in 2015.
Is upGrad profitable?
It reported a full-year loss in FY25, but provisional FY26 figures show the company turning profitable.
How much funding has upGrad raised?
Roughly $385 million, reaching a valuation of $1.73 billion in its most recent 2026 round.
Who are upGrad’s competitors?
Coursera, Simplilearn, edX, and Unacademy in India’s higher-education and upskilling market.
© The Founder Nation | Written by TFN Research Desk
