upGrad Faces Fiscal Challenges as FY23 Net Loss Surges to INR 1,141.5 Cr

Despite Crossing the INR 1,000 Cr Milestone in Operating Revenue, Mumbai-based Edtech Unicorn Grapples with Increased Expenses and Goodwill Writedown

upGrad, the Mumbai-based edtech unicorn, faced a significant financial development in the fiscal year 2022-23 (FY23), as its net loss soared to INR 1,141.5 Cr. This marked a substantial 76% increase from the INR 648.2 Cr loss reported in the previous fiscal year.

Despite achieving a noteworthy milestone with an operating revenue of INR 1,169.6 Cr in FY23, reflecting a substantial 97% growth compared to the INR 595 Cr in the preceding fiscal year, upGrad encountered challenges in managing its overall expenses. The startup witnessed a notable 56% increase in expenses, reaching INR 1,938 Cr from the INR 1,241 Cr reported in the previous financial year.


The adjusted EBITDA loss for upGrad in FY23 amounted to INR 558 Cr, a marginal change from the INR 572 Cr reported in the previous year. The company’s financial performance was impacted by a goodwill writedown of INR 410 Cr.

It’s worth noting that despite the surge in net loss, upGrad achieved a milestone by surpassing the INR 1,000 Cr mark in operating revenue for the first time since its inception. The challenges faced by the startup, including the goodwill writedown, will likely prompt a closer examination of its financial strategies and business operations in the coming quarters.

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