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upGrad Eyes 2027 IPO Amid Global Expansion
9 Dec, 2025
Summary
- upGrad plans public listing in 2027, focusing on international growth.
- Company targets 25-30% year-on-year growth from key business segments.
- International B2C revenue has grown 40% CAGR over the last two years.
Upskilling platform upGrad is intensifying its international business efforts, setting a target for a public listing in 2027. The company is exploring inorganic growth opportunities alongside its organic expansion plans, with co-founder Ronnie Screwvala confirming the 2027 IPO goal. This strategic move follows recent ed-tech listings and aligns with upGrad's ambition to solidify its market presence.
The company's international push is a significant focus, with rapid growth observed in regions like the Middle East and Vietnam. The international business already contributes 40% to upGrad's B2C revenue, fueled by a 40% CAGR over the last two years. This global expansion is supported by strategic partnerships and localized approaches in key markets.
Domestically, upGrad is also scaling its offline learning centers, aiming for 100 centers across India by the end of next year to assist early-career professionals. The company's financial performance shows a 5.5% revenue increase to ₹1,569.3 crore in FY25 and a significant reduction in net loss by 51%, reflecting a focus on profitability ahead of the planned IPO.
