upGrad Expands Ecosystem with Internshala Acquisition

In a strategic move to dominate the "campus-to-corporate" pipeline, the skilling giant upGrad has acquired Internshala, India’s leading early-talent marketplace. The deal, valued at approximately ₹100 crore, was primarily executed through a 90% stock swap. This acquisition marks a significant consolidation in the edtech sector, linking upGrad’s professional skilling with Internshala’s massive undergraduate user base.

Founded in 2011 by Sarvesh Agrawal, Internshala has built a powerhouse platform with over 34 million registered usersand 450,000 employers. Notably, 40% of its talent pool hails from tier-II and tier-III cities, providing upGrad with deep penetration into India's emerging markets. Under the new structure, Internshala will remain an independent brand led by Agrawal, focusing on scaling its annual revenue from ₹45 crore to over ₹100 crore within the next two years.

The integration strategy focuses on three core pillars:

● Talent Liquidity: upGrad’s learners will gain direct access to Internshala’s internship and job listings, closing the loop between education and employment.

● AI-Driven Matching: upGrad plans to inject capital into AI-led talent matching, ensuring enterprises find "job-ready" candidates with higher precision.

● Enterprise Shift: Internshala will pivot toward a B2B model, leveraging upGrad’s existing corporate relationships to provide internships and fresher hiring at scale.

This acquisition follows a period of aggressive expansion for upGrad, which recently explored a merger with Unacademy before valuation disagreements ended those talks. By securing Internshala, upGrad effectively captures the "early-talent" segment, positioning itself as a comprehensive workforce development partner that supports a professional's journey from their first internship to executive leadership.

The synergy aims to solve the chronic "employability gap" in India. While Internshala provides the real-world experience, upGrad provides the formal skilling infrastructure. As the platform transitions to an enterprise-focused model, it will likely become a primary sourcing engine for India’s tech and service sectors, further solidifying upGrad's valuation in the global edtech landscape.