Ronnie Screwvala highlights ‘very big’ fit as upGrad buys Internshala
By combining Internshala’s internship platform with upGrad’s diverse educational offerings, the acquisition focuses on cross-selling services, allowing students to access skilling certifications and degree pathways while providing both businesses with a streamlined talent acquisition pipeline.
Ronnie Screwvala, Co-founder and Chairman of higher education and upskilling platform upGrad, highlighted the “very big” fit, as he spoke about the edtech firm’s acquisition of Internshala, an internship and job search platform.
By combining Internshala’s platform with upGrad’s diverse educational offerings, the acquisition focuses on cross-selling services, allowing students to access skilling certifications and degree pathways while providing both businesses with a streamlined talent acquisition pipeline.
Internshala acquisition, which according to upGrad was a 90% stock-swap transaction, comes a month after the latter’s advanced deal talk to acquire Unacademy for $300–$400 million, was called off due to valuation disagreements.
While both upGrad and Internshala didn’t disclose the deal amount, it was valued at around Rs 100 crore, according to people in the know.
Founded by Sarvesh Agrawal, an IIT Madras alumnus, in 2010, Gurugram-based Internshala helps college students and freshers get a start to their careers.
“When you look at the career path outside of jobs, the next big breakthrough is internships,” Screwvala said, adding, “Internships are a critical crossroads for young learners and college students to figure out their future. It’s often their first real touchpoint.”
Internshala has dedicated over a decade to building what Screwvala calls a “base camp” for these learners, providing a platform that cements the relationship between education and employment.
By integrating upGrad’s diverse skilling portfolio, which includes everything from short-form boot camps and certification courses to doctoral programmes, the deal aims to create a comprehensive ecosystem.
Internshala brings a high-traffic platform to the table, addressing what upGrad previously identified as a missing link, allowing for a more efficient and organic flow of learners.
“What we were missing was a strong standalone platform player with automated traffic. That’s one of the gaps this fills,” Screwvala noted.
Internshala has built a community of over 34 million registered users and 4,50,000 employers, with approximately 3 million active applicants annually. The platform sees most of its traffic organically and serves students across India, including more than 40% from Tier II and III markets.
According to upGrad, Internshala will continue to operate as an independent brand, led by Agrawal, leveraging upGrad’s scale, technology, and learning ecosystem to expand its offerings and reach.
The Gurugram-based company’s long-term vision is to transition from an internship-focused site into what Agrawal calls the world’s largest early career marketplace within three years. This marketplace will cater to interns, freshers, and young professionals with several years of experience, providing a one-stop destination for early-career hiring.
While currently 85,000 small businesses and startups use Internshala every year to find interns and freshers, there is a concerted effort to increase penetration among larger enterprises. The goal is for two-third of its revenue in year three from here on to come from the B2B (business-to-business) channel, Agrawal said.
“We haven’t fully monetised the value corporates derive from the platform. This synergy will help us do that more effectively,” he added.
This strategy involves selling hiring solutions to the same large corporations that already utilise upGrad for corporate learning, thereby creating multiple touchpoints for advanced programmes and professional degrees.
This dual focus on B2C (business-to-consumer) and B2B, alongside international and domestic markets, forms the backbone of the acquisition’s strategy.
upGrad’s enterprise arm has emerged as a growth engine of the company, with the potential to surpass the consumer segment. However, both are integral to the business and complement each other, Srikanth Iyengar, CEO of upGrad Enterprise, had told YourStory earlier.
Speaking of upGrad’s growth, Screwvala emphasised stability and quality over aggressive, short-term expansion. The company plans to go on a steady state of 25% to 30% compounded growth, with a few flashes of non-linear growth going forward, he added.
The focus for the coming years is on improving profitability and EBITDA, with FY27 earmarked for a pickup in steady, sustainable growth, according to Screwvala.
upGrad turned EBITDA (earnings before interest, taxes, depreciation, and amortisation) positive in the financial year 2025 (FY25), while clocking Rs 1,943 crore in total revenue. EBITDA is a financial metric used to evaluate a company’s core operating performance and profitability.
upGrad has been one of the most aggressive acquirers in the edtech space, with the company expanding its reach across recruitment, study abroad, and corporate training, having acquired approximately 15 companies to date.
The company, valued at approximately $2.25 billion, has raised over $320 million in equity and debt. With the last round in October 2024, the company raised $60 million from Temasek, while Screwvala separately invested $20 million.