/
•
•
Four years after Bodhi Tree’s investment, the test-prep giant remains caught between a slowing legacy business and growth bets that are still in their infancy.

As offline centres struggle to scale, the edtech firm leans back into its digital roots.
The math learning platform is growing fast and expanding globally. Success will depend on how smartly it can manoeuvre the very pitfalls that have crippled peers.
As the company weighs a move into test prep ahead of a 2027 IPO, the question is whether entering a category from which upGrad has consciously stayed away so far makes sense.