Ronnie Screwvala, Co-founder and Chairman of higher education and upskilling platform upGrad, described the company’s acquisition of Internshala as a “very big” strategic fit, emphasising the natural alignment between learning, skilling, and employability. He noted that the integration brings together education and early-career opportunities at a critical point in a student’s journey.
Through this acquisition, upGrad plans to combine Internshala’s large-scale internship and job discovery platform with its own wide portfolio of skilling certifications and degree programmes. As a result, students can move seamlessly from internships to advanced education pathways, while businesses gain access to a more efficient and scalable talent pipeline.
The Internshala deal, structured as a 90% stock-swap transaction according to upGrad, comes shortly after the ed-tech firm called off advanced acquisition talks with Unacademy. Those discussions reportedly fell through due to valuation differences, despite negotiations in the range of $300–$400 million. Although neither upGrad nor Internshala officially disclosed the acquisition value, industry sources estimate the deal at around Rs 100 crore.
Founded in 2010 by Sarvesh Agrawal, an IIT Madras alumnus, Gurugram-based Internshala has focused on helping college students and fresh graduates take their first steps into the professional world. Screwvala highlighted that internships represent a crucial turning point for young learners, as they often serve as the first real exposure to workplace expectations and career decision-making.
Over the past decade, Internshala has built what Screwvala described as a “base camp” for early-career talent by strengthening the link between education and employment. By layering upGrad’s skilling ecosystem onto this foundation, the combined platform aims to offer everything from short-term boot camps and certifications to advanced postgraduate and doctoral programmes.
Additionally, Internshala brings significant organic traffic to the partnership, addressing a gap that upGrad had previously identified. Screwvala explained that upGrad lacked a standalone, high-traffic platform with automated learner inflow, and therefore, this acquisition fills that strategic need while enabling smoother learner transitions.
Currently, Internshala serves more than 34 million registered users and connects with over 4,50,000 employers. Each year, around three million applicants actively use the platform, with a majority of traffic arriving organically. Importantly, more than 40% of its users come from Tier II and Tier III cities, reinforcing its reach beyond major metros.
Despite the acquisition, Internshala will continue to operate as an independent brand under Agrawal’s leadership. At the same time, the platform will leverage upGrad’s scale, technology infrastructure, and learning ecosystem to expand its offerings and market reach. Looking ahead, Internshala plans to evolve from an internship-focused platform into the world’s largest early-career marketplace within the next three years, catering to interns, freshers, and professionals with several years of experience.
At present, around 85,000 small businesses and startups use Internshala annually to hire interns and entry-level talent. However, the company now aims to significantly deepen its presence among large enterprises. Agrawal shared that the goal is for nearly two-thirds of Internshala’s revenue in the third year to come from B2B channels, driven by stronger corporate hiring solutions.
Moreover, the strategy includes monetizing the value that enterprises already derive from the platform by offering structured hiring products. Through this synergy, upGrad can also introduce advanced learning programmes and professional degrees to the same corporate clients that already use its enterprise training solutions.
This dual emphasis on consumer and enterprise segments, across both domestic and international markets, underpins the long-term rationale behind the acquisition. upGrad’s enterprise arm has already emerged as a strong growth driver, with the potential to outpace its consumer business, while both segments continue to complement each other.
Speaking about upGrad’s broader growth trajectory, Screwvala stressed a shift toward sustainable expansion rather than aggressive short-term scaling. The company plans to maintain a steady compounded growth rate of 25% to 30%, while selectively pursuing opportunities for non-linear growth. In parallel, upGrad will focus on improving profitability and operational efficiency, with FY27 expected to mark a phase of stable, long-term growth.
upGrad achieved EBITDA positivity in FY25 while reporting total revenue of Rs 1,943 crore, signalling improved financial discipline. Over the years, the company has emerged as one of the most active acquirers in the edtech sector, completing around 15 acquisitions across recruitment, study abroad, and corporate learning.
Valued at approximately $2.25 billion, upGrad has raised more than $320 million in equity and debt to date. In its most recent funding round in October 2024, the company secured $60 million from Temasek, alongside an additional $20 million investment from Screwvala himself.
Ultimately, the Internshala acquisition marks a strategic step in upGrad’s effort to build a full-stack education-to-employment ecosystem. By connecting internships, skilling, degrees, and enterprise hiring on a single continuum, upGrad aims to redefine how early-career talent in India — and eventually globally — navigates learning, work, and long-term professional growth.
