upGrad begins IPO preparations for a $350–400 million 2027 listing

upGrad is currently in talks to acquire selected assets of beleaguered edtech firm Byju and is also exploring a potential share swap deal with Unacademy worth $300-400 million, sources said.

The parallel moves come as upGrad is trying to reset its business ahead of a targeted 2027 listing by focusing on consolidation, overseas expansion and cost discipline following the post-pandemic collapse of the edtech sector.

One of the two people, who did not want to be named, said, “The company is in informal talks with bankers for an initial public offering. Official presentations are expected to be made in the first quarter of next year.” he said. The proposed IPO is expected to be largely a primary issue with a smaller offering component, the person added.

upGrad’s listing is likely planned after June 2027, and the company is expected to complete a group investment bank by February or March next year, two people confirmed.

In reply mint Responding to emailed questions, a company spokesperson said: “We have announced that we expect an IPO in 2027. Absolutely no discussions with bankers as of date. It is too early to comment on the size of the IPO or how much of it is primary, but the founders own more than half of the company and will not be looking at an OFS (offer for sale).”

As part of this reset, upGrad is placing greater emphasis on overseas markets, which now account for approximately 40% of its B2C revenue. The company has seen strong traction in West Asia and Southeast Asia, where demand for skills and artificial intelligence (AI)-led training programs is growing. Mint said earlier this month that upGrad plans to accelerate its international expansion.

The company is also increasing its offline presence domestically to reach early career professionals and prioritizing cost discipline and profitability in the potential listing process.

Founded in 2015, upGrad operates an omni-channel model that includes online courses, degree programs in partnership with Indian and global universities, study abroad opportunities and offline learning centres. It caters to students and working professionals in India and international markets.

The firm has raised close to $329 million to date, including a $60 million funding round last year. Other investors include IFC, EvolutionX and 360 One.

upGrad reported 5.5% growth in consolidated revenue ₹1,569.3 crore in FY25, halving its net loss ₹273.7 crore and became operationally profitable. According to Tracxn’s data, the company’s value was around $2.25 billion in the last funding round in October last year.

upGrad’s IPO preparations come as India’s edtech sector cautiously restarts talks on IPOs following a prolonged financing and valuation slump. In February, Mint He reported that several education technology companies, including professional learning platform Imarticus, school-focused education technology firm Lead and B2B player Classplus, are preparing IPO plans for the next 12-18 months.

Recent listings and public market activity have contributed to this momentum. PhysicsWallah’s IPO, along with moves by companies like Crizac and Jaro Education, has reignited interest in IPOs across the industry.