upGrad acquires Internshala in 90% stock-swap deal

upGrad has acquired early-talent platform Internshala in a 90% stock-swap transaction for an undisclosed amount.

Founded in 2010, Internshala connects students with internship and entry-level job opportunities. The platform reports over 34 million registered users and 450,000 employers, with around three million active applicants annually. A significant share of its user base comes from Tier 2 and Tier 3 cities.

Internshala will continue to operate as an independent brand under founder and CEO Sarvesh Agrawal. upGrad said it plans to invest further in product development, AI-led talent matching and enterprise hiring models. The company aims to scale Internshala’s current revenue base of Rs 45 crore to Rs 100 crore.

Chirag Samdaria, head – Corporate Strategy & Growth, 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.”

Sarvesh Agrawal, founder & CEO, Internshala 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”.