UpGrad co-founder Ronnie Screwvala has told ET that he has held discussions with Unacademy’s investors and co-founders, although no deal is currently ‘on the table.’ He also indicated that he is open to acquiring Byju’s higher education assets if there is clarity on relevant titles, as consolidation in the edtech sector gathers pace.
Screwvala, while chasing M&As, is also ready for his next innings as an investor with a planned $50 million corpus aimed at backing frugal, customer-obsessed disruptors in artificial intelligence and other frontier technologies.
Screwvala, who was an early investor in recently listed Lenskart, could see a roughly 100x return on his $6 million investment made a decade ago, as he continues to hold about 5% of the company.
His recent investments span AI-led platforms such as SpeakX, Round1 by Grapevine, Activate AI, CuePilot AI, ZuAI and TrueFan, with a space-tech deal also in the works but still confidential.
On Unacademy, Screwvala said that not all conversations lead to a deal, but Unacademy still has “meaningful brand equity,” noting that it has “a decent consumer brand with strong recall,” and highlighting its UPSC vertical and PrepLadder as strong businesses.
To be sure, UpGrad has filed an expression of interest for certain assets of Byju’s under the insolvency process at the National Company Law Tribunal (NCLT).
Screwvala, in the context of why some heavily funded players failed, added that “a large cap table and multiple investor viewpoints have, at times, pulled those companies and their Founders in different directions,” but said companies emerging from difficult periods often present attractive opportunities.
“There is no such thing as a distressed asset because it automatically reflects an attractive opportunity,” he said.
Ronnie Screwvala has delivered key exits across media, digital content and consumer internet, from Disney’s buyout of UTV to full exits in Arré, INI Farms and Zivame, and a small secondary sale in Lenskart, though he continues to hold a major part of his original investment and was one of the only investors in Lenskart who did not participate in the OFS.
Bits & Pieces
On Byju’s, he stressed that UpGrad is not looking to acquire the full business. “There is no Byju’s deal,” he said, clarifying that UpGrad has only filed an expression of interest under the NCLT process, “a step many others have also taken.”
He said UpGrad is evaluating only select assets, particularly in higher education. “Great Learning is of interest,” he said, adding that Aakash Institute also fits strategically, but both depend on “clear title and ownership clarity.” As a whole, he said, Byju’s is “of no interest” to UpGrad, though some parts of the group “might” be.
Byju’s is battling multiple insolvency petitions, including one from the BCCI over about ₹158 crore in unpaid dues, alongside disputes with US term-loan lenders and operational creditors, as its valuation, once $22 billion, has collapsed after investor write-downs.
As India’s edtech sector cools from its pandemic highs and shifts toward consolidation, with investors now insisting on profitable, outcome-focused models, Screwvala said the shakeout will include both smart acquisitions and inevitable shutdowns. He noted that while stronger platforms are selectively buying to deepen capabilities, many smaller founder-led firms still struggle to scale and can lose momentum once absorbed into larger organisations, turning what appear to be big, celebratory deals into “chest-thumping moments” that fail to deliver lasting revenue after the founders move on.
UpGrad reported EBITDA profitability in FY25 and gross revenue of Rs 1,943 crore, which, post Ind-AS accounting, closed at total income of Rs 1,650 crore. “In FY26, we expect substantial profitability, with revenue between Rs 2,200 crore and Rs 2,400 crore. In FY25 itself we are EBITDA positive,” Screwvala said, adding that the company is growing at 20% to 25% CAGR “without non-linear growth and without mergers or acquisitions.”
He said acquiring platforms such as Unacademy or Great Learning would strengthen UpGrad across test preparation, formal degrees and professional upskilling.
AI Aided
Screwvala said artificial intelligence could finally deliver the kind of change the education sector has long promised but rarely achieved. “We have been waiting for disruption for the rest of our lives,” he said, explaining that UpGrad is weaving AI into almost every part of its product stack and across most courses, whether it is generating smarter content, analysing how learners progress, or offering round-the-clock counselling and support.
Beyond that, about 80 to 90% of its total learners actively sign up for dedicated AI-focused programs on the platform, including partner-led short and long formats.
Bots can now take on simple queries without making students wait, he said, and AI has the ability to study learner behaviour over time and step in when someone is struggling. He added that technology can help solve the constant shortage of qualified faculty and encourage more working professionals to start teaching.
Even with the turbulence in edtech, Screwvala said demand for skilling remains enormous. “This market is humongous,” he said, pointing out that tens of millions of Indians will have to learn new skills every few years as jobs shift. For years, he added, the industry mistook the biggest fundraises for real leadership in the online learning sector. “Let’s not call them the largest players in education. They were just the largest funded players and not necessarily the strongest operators,” he said, noting that scale without fundamentals is proving unsustainable.
Still, he is confident about where the industry is headed. “The long-term opportunity is clear,” Screwvala said. “The challenge for me is how am I going to get 100 million people job-ready, and then how do I get them job-ready again every three years?”
Screwvala, while chasing M&As, is also ready for his next innings as an investor with a planned $50 million corpus aimed at backing frugal, customer-obsessed disruptors in artificial intelligence and other frontier technologies.
Screwvala, who was an early investor in recently listed Lenskart, could see a roughly 100x return on his $6 million investment made a decade ago, as he continues to hold about 5% of the company.
His recent investments span AI-led platforms such as SpeakX, Round1 by Grapevine, Activate AI, CuePilot AI, ZuAI and TrueFan, with a space-tech deal also in the works but still confidential.
On Unacademy, Screwvala said that not all conversations lead to a deal, but Unacademy still has “meaningful brand equity,” noting that it has “a decent consumer brand with strong recall,” and highlighting its UPSC vertical and PrepLadder as strong businesses.
To be sure, UpGrad has filed an expression of interest for certain assets of Byju’s under the insolvency process at the National Company Law Tribunal (NCLT).
Screwvala, in the context of why some heavily funded players failed, added that “a large cap table and multiple investor viewpoints have, at times, pulled those companies and their Founders in different directions,” but said companies emerging from difficult periods often present attractive opportunities.
“There is no such thing as a distressed asset because it automatically reflects an attractive opportunity,” he said.
Ronnie Screwvala has delivered key exits across media, digital content and consumer internet, from Disney’s buyout of UTV to full exits in Arré, INI Farms and Zivame, and a small secondary sale in Lenskart, though he continues to hold a major part of his original investment and was one of the only investors in Lenskart who did not participate in the OFS.
Bits & Pieces
On Byju’s, he stressed that UpGrad is not looking to acquire the full business. “There is no Byju’s deal,” he said, clarifying that UpGrad has only filed an expression of interest under the NCLT process, “a step many others have also taken.”
He said UpGrad is evaluating only select assets, particularly in higher education. “Great Learning is of interest,” he said, adding that Aakash Institute also fits strategically, but both depend on “clear title and ownership clarity.” As a whole, he said, Byju’s is “of no interest” to UpGrad, though some parts of the group “might” be.
Byju’s is battling multiple insolvency petitions, including one from the BCCI over about ₹158 crore in unpaid dues, alongside disputes with US term-loan lenders and operational creditors, as its valuation, once $22 billion, has collapsed after investor write-downs.
As India’s edtech sector cools from its pandemic highs and shifts toward consolidation, with investors now insisting on profitable, outcome-focused models, Screwvala said the shakeout will include both smart acquisitions and inevitable shutdowns. He noted that while stronger platforms are selectively buying to deepen capabilities, many smaller founder-led firms still struggle to scale and can lose momentum once absorbed into larger organisations, turning what appear to be big, celebratory deals into “chest-thumping moments” that fail to deliver lasting revenue after the founders move on.
UpGrad reported EBITDA profitability in FY25 and gross revenue of Rs 1,943 crore, which, post Ind-AS accounting, closed at total income of Rs 1,650 crore. “In FY26, we expect substantial profitability, with revenue between Rs 2,200 crore and Rs 2,400 crore. In FY25 itself we are EBITDA positive,” Screwvala said, adding that the company is growing at 20% to 25% CAGR “without non-linear growth and without mergers or acquisitions.”
He said acquiring platforms such as Unacademy or Great Learning would strengthen UpGrad across test preparation, formal degrees and professional upskilling.
AI Aided
Screwvala said artificial intelligence could finally deliver the kind of change the education sector has long promised but rarely achieved. “We have been waiting for disruption for the rest of our lives,” he said, explaining that UpGrad is weaving AI into almost every part of its product stack and across most courses, whether it is generating smarter content, analysing how learners progress, or offering round-the-clock counselling and support.
Beyond that, about 80 to 90% of its total learners actively sign up for dedicated AI-focused programs on the platform, including partner-led short and long formats.
Bots can now take on simple queries without making students wait, he said, and AI has the ability to study learner behaviour over time and step in when someone is struggling. He added that technology can help solve the constant shortage of qualified faculty and encourage more working professionals to start teaching.
Even with the turbulence in edtech, Screwvala said demand for skilling remains enormous. “This market is humongous,” he said, pointing out that tens of millions of Indians will have to learn new skills every few years as jobs shift. For years, he added, the industry mistook the biggest fundraises for real leadership in the online learning sector. “Let’s not call them the largest players in education. They were just the largest funded players and not necessarily the strongest operators,” he said, noting that scale without fundamentals is proving unsustainable.
Still, he is confident about where the industry is headed. “The long-term opportunity is clear,” Screwvala said. “The challenge for me is how am I going to get 100 million people job-ready, and then how do I get them job-ready again every three years?”