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upGrad starts gearing up for initial share sale
Mint New Delhi
|December 17, 2025
The edtech firm is preparing for a $350-400 mn public listing in 2027
Temasek-backed upGrad has begun early preparations for an initial public offering (IPO) that could raise $350-400 million, according to two people close to the development.
The IPO push comes even as the company explores inorganic expansion through potential acquisitions and mergers.
upGrad is currently in talks to acquire select assets of beleaguered edtech firm Byju's and is also exploring a potential share-swap deal with Unacademy valued at $300-400 million, the people said. The parallel moves come as upGrad looks to reset its business ahead of a targeted 2027 listing, focusing on consolidation, overseas expansion and cost discipline after the edtech sector's post-pandemic bust.
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