upGrad acquires Internshala in 90% stock-swap deal

New Delhi: upGrad has acquired Internshala in a 90% stock-swap transaction. The financial terms were not disclosed.

Following the transaction, Internshala will continue to operate as an independent brand under its founder and chief executive, Sarvesh Agrawal. upGrad said it will allocate additional resources towards product development, AI-led talent matching and enterprise hiring models, and is targeting an increase in Internshala’s revenue from Rs 45 crore to Rs 100 crore over time.

Chirag Samdaria, head of corporate strategy and growth at upGrad, said, “Education and employment in India have operated in silos for too long. This acquisition allows us to strengthen the earliest layer of the career journey, where intent is highest and outcomes can be meaningful. By bridging work opportunities with structured skilling, we are building a more aligned talent ecosystem for both learners and employers.”

Internshala’s founder and CEO, Sarvesh Agrawal, said, “This is a very natural partnership where learning meets opportunity. In the last 15 years, Internshala has democratized career start for students. Joining hands with upGrad will allow us to amplify our impact by skilling millions of candidates, offer pre-trained talent to companies at scale, and together become the default launchpad for every graduate's career.”

Investec acted as the exclusive financial adviser to Internshala on the transaction.

The acquisition expands upGrad’s presence across the education-to-employment value chain, linking formal learning, skills training and early-career job placements within a single ecosystem.