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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.

Ronnie Screwvala doesn’t like being boxed in. “Firstly, I’m allergic to the word edtech,” he says, waving off a label he thinks doesn’t quite fit what upGrad is and could be. He prefers to describe upGrad as operating in the “forever-learning” space instead.
Which explains why the company, in the decade since its founding in 2015, has pushed into various segments—higher education, upskilling and certification, study abroad programmes. And now, upGrad is considering large acquisitions in test preparation. It is in talks with online test-prep platform Unacademy. The company has also submitted an expression of interest for assets belonging to …