upGrad announced the acquisition of a 90% stake in Internshala, the prominent Gurugram-based internship and early-career hiring platform.
The deal, structured as a 90% stock-swap transaction, reportedly values Internshala at approximately ₹100 crore. This move marks a major consolidation in the Indian edtech sector, as upGrad aims to bridge the “education-to-employment” gap.
The Strategic Rationale
For upGrad, which has built its brand on degrees and professional certifications, Internshala represents the “missing link” at the earliest stage of a professional’s career.
- Full Career Lifecycle: By acquiring Internshala, upGrad now owns a user’s journey from their first college internship to executive-level upskilling.
- Organic Traffic Engine: Internshala currently draws the majority of its traffic organically. This provides upGrad with a massive funnel of 34 million registered users and 450,000 employers without high customer acquisition costs.
- Enterprise Pivot: upGrad plans to move Internshala toward an enterprise-led model, where companies pay to access “pre-skilled” and “job-ready” candidates directly from the platform.
Key Performance Targets
upGrad has set aggressive goals for Internshala over the next 18–24 months:
| Metric | Current Status (Feb 2026) | Target (2027/28) |
| Annual Revenue | ₹45 Crore | ₹100 Crore+ |
| Growth Rate | ~30% – 40% | 40% – 50% |
| Focus Area | B2C Internship Ads | B2B Enterprise Hiring & AI Matching |
Integration & Leadership
- Independence: Internshala will continue to operate as an independent brand under the leadership of its founder and CEO, Sarvesh Agrawal.
- Technology: The platform will leverage upGrad’s advanced technology stack and AI-matching algorithms to improve the success rate of the 3 million active applications it processes annually.
- Tier-2 & Tier-3 Focus: With over 40% of Internshala’s users coming from outside major metros, the acquisition helps upGrad deepen its penetration into India’s emerging job markets.
Market Context
This acquisition comes shortly after upGrad’s high-profile talks to acquire Unacademy for $300–$400 million collapsed in early January 2026 due to valuation disagreements. By securing Internshala, upGrad Chairman Ronnie Screwvala is signaling a shift toward sustainable, “outcome-driven” acquisitions as the company reportedly eyes an IPO in the next 7–8 quarters.
