Growth Moves 2026 · EdTech edition · Research by upGrowth
14 Indian edtech moves that changed how companies grow in 2026
Indian edtech companies stopped trying to win on online volume alone. We tracked 14 dated, sourced moves from January to September 2026 and found growth coming from four places.
14Growth moves
4Patterns
3Acquisitions across a border or segment
By Amol Ghemud, Co-founder and Chief Growth Officer, upGrowth · Research period: January to September 2026 · Published November 2026
What changed in Indian edtech growth in 2026?
Indian edtech companies stopped trying to win on online volume alone. Across 14 moves we tracked between January and September 2026, growth came from four places: reach bought through acquisitions, offline presence rebuilt on cheaper or sharper terms, the degree itself turned into the product, and AI tutors placed behind a free or low-cost front door.
The consolidation story is the loudest. upGrad closed its Unacademy acquisition for just over $200 Mn, more than 94% below Unacademy’s 2021 peak of $3.5 Bn. But the quieter shift matters more for operators. PhysicsWallah’s founder said he will be stationed in South India for 24 months, Unacademy handed its centres to franchise partners, and Cuemath made its full K-12 app free while keeping coaching paid. The companies that grew picked a distribution model they could afford, then put the product inside it.
Growth Moves is a research series by upGrowth. It does not rank leaders or companies. Each edition documents specific moves, the people credited with them, and what they reveal about where growth is coming from next.
A Growth Move is a dated, sourced change that alters how a company acquires, monetises, retains or serves customers. We counted four kinds of change.
New capability: technology or systems that change how the core business runs.
New growth model: a new revenue line, distribution route or monetisation layer.
New market or category: a new geography, customer segment or product category.
New way to solve a growth problem: removing friction that was capping conversion or demand.
The three tests every move passed. It was announced between 1 January and 30 September 2026. It is documented in a primary or reputable source, linked under each move. The named leader is quoted or explicitly credited in that source. Funding rounds, hires and awards on their own did not qualify. No company paid for inclusion. Titles are shown as they were at the time of each announcement.
The four patterns behind 14 moves
Pattern 1: Reach was bought, not built
upGrad bought Unacademy to get into K-12 and competitive exam prep. Imarticus bought Singapore’s BELLS Institute to enter Southeast Asia. Emversity bought Kerala’s Lanstitut to send Indian nurses to German hospitals. Each deal bought an audience or a geography that would take years to build from zero.
The growth logic: an acquisition buys customers, credentials and a market in one transaction. In a sector where trust takes years to earn, buying a trusted brand is often cheaper than paying to build one.
Pattern 2: Offline came back, on new terms
PhysicsWallah took its model south, with the founder stationed there. Unacademy went the other way and moved its company-run centres to franchise partners to stay asset-light. Leap opened 15 study-abroad centres in 2026 to add offline trust to an online funnel.
The growth logic: high-stakes education decisions still close face to face. The question is no longer online or offline. It is who carries the cost of the building.
Pattern 3: The degree became the product
Eruditus became the India market entry partner for 7 foreign universities, and the University of Bristol opened its Mumbai campus on 10 September 2026. Scaler launched a 4-year residential undergraduate programme in AI and Business. Elevate Education (formerly Sunstone) relaunched its engineering track as ALTA School of Technology, an AI-first computer science programme.
The growth logic: a degree carries longer contracts, higher fees and stronger outcomes data than a short course. Edtechs that own the full degree journey stop competing on course price.
Pattern 4: AI tutors behind a free or cheap front door
LEAD put an AI tutor, Ms. Curie, inside school classrooms. Infinity Learn put its AI-led prep inside Pearson test-prep books priced under Rs 1,000. SpeakX took its AI English tutor into 6 regional languages. Cuemath made its full app free and kept 1:1 coaching paid. Bhanzu turned a free math championship into a reality show.
The growth logic: AI cut the cost of serving a learner, so the entry point can be free or cheap. The money moves to the layer AI can’t replace well yet: human coaching, schools and trusted brands.
The 14 Growth Moves
Growth Move 01 · Bought reach
Ronnie Screwvala, upGrad: bought Unacademy to enter K-12 and exam prep
What changed: On 1 September 2026, upGrad completed its acquisition of Unacademy in a deal valued at just over $200 Mn (Inc42). That is more than 94% below Unacademy’s peak valuation of $3.5 Bn in 2021, and Unacademy had raised more than $830 Mn. The deal gives upGrad, which works mainly in higher education and professional upskilling, a foothold in K-12 and competitive exam preparation. The CCI approved the deal in July. YourStory reports upGrad’s FY26 gross revenue at Rs 2,070 crore, up 7%. Earlier in 2026, in February, upGrad also bought Internshala.
“I think there are some incredible strengths that Unacademy brings to what upGrad doesn’t have: the savviness, the product and tech-first thinking, the ability to look at a completely different target audience, the brand and the resilience that the team that created this,”Ronnie Screwvala, cofounder and chairperson, upGrad (title at the time of the September 2026 announcement)
Why it is a Growth Move: upGrad bought a customer base it did not serve: school and exam-prep learners. It can now follow a learner from school to career.
upGrowth takeaway: If your next segment is a decade of brand-building away, price the acquisition before you price the campaign. Start by listing the audiences your product could serve but your brand can’t reach.
Nikhil Barshikar, Imarticus Learning: bought a Singapore institute to enter Southeast Asia
What changed: On 31 July 2026, Imarticus Learning announced its acquisition of Singapore-based BELLS Institute of Higher Learning, its first international acquisition. Inc42 puts the deal at Rs 800 Cr and reports that Imarticus is gearing up for a proposed Rs 1,000 Cr IPO. BELLS brings more than 150,000 alumni, 7 training centres in Singapore and links with the Singapore government and SkillsFuture Singapore. The combined organisation has more than 1,100 employees across over 25 offices in India and Singapore.
“This acquisition marks the beginning of the next phase of growth for Imarticus Learning… Partnering with BELLS gives us a presence in Asian workforce development ecosystems and serves as a foundation for expansion across Southeast Asia.”Nikhil Barshikar, Group CEO, Imarticus Learning (title at the time of the July 2026 announcement)
Why it is a Growth Move: Imarticus bought a new geography plus the government and enterprise relationships that come with it, rather than entering Singapore cold.
upGrowth takeaway: Entering a regulated market? The licence and the relationships are the product. Check whether a local operator already holds both before you budget for a launch.
Vivek Sinha, Emversity: bought a nurse-mobility platform to place Indian nurses in Germany
What changed: On 22 April 2026, Emversity acquired Lanstitut Technologies, a Kerala-based platform that trains Indian nurses and places them in German hospitals. It is Emversity’s first acquisition. Lanstitut employs 200 people and has trained close to 3,000 nurses to be placed in German hospitals. Emversity prepares candidates through 25+ partner universities and 23 skilling centres. Lanstitut adds international demand for the same candidates.
“What Lanstitut lets us do is open up new demand destinations for the same supply.”Vivek Sinha, Founder & CEO, Emversity (title at the time of the April 2026 announcement)
Why it is a Growth Move: Emversity added a new geography of employers for learners it already trains, which raises the value of each placement without new acquisition spend.
upGrowth takeaway: Look at your best learners and ask where they’d earn the most. If the answer is another country, the growth lever is the placement route, not the course.
Alakh Pandey, PhysicsWallah: moved himself to South India for 24 months
What changed: On 23 September 2026, at an event in Tirupati, Alakh Pandey said he plans to be based in South India for the next 24 months as PhysicsWallah deepens its expansion in the region. PW also signed a 5-year partnership with Mohan Babu University to offer online AI, skilling and career-focused courses to nearly 18,000 students. PW has taught over 40 million students and enrolled more than 5 million paid students in FY26 (Business Standard). Its offline network grew from 198 to 353 centres in FY26, and offline revenue reached Rs 1,774 Cr, 45% of operating revenue (Inc42).
“For the next 24 months, my life will be dedicated to students in South India, and I will be stationed here,”Alakh Pandey, founder and chief executive officer, PhysicsWallah (title at the time of the September 2026 announcement)
Why it is a Growth Move: PW pushed into a region where its Hindi-belt brand is weakest, and committed its founder’s own time as the entry asset.
upGrowth takeaway: A new region needs a reason to trust you, not just a translated ad. Decide who your local face is before you decide your local budget.
Gaurav Munjal, Unacademy: handed offline centres to franchise partners
What changed: On 14 January 2026, Inc42 and Entrackr reported an internal email in which Gaurav Munjal told employees that Unacademy would convert its company-operated offline centres into franchise partnerships, with the transition expected to be completed by April. In the same email he said language app Airlearn grew from about $200,000 ARR at the start of 2025 to nearly $3 million by the end of the year. This move came less than 8 months before upGrad completed its acquisition of Unacademy (Move 01).
“The franchise model has already shown that it works: great local operators run operations, and we provide the academics, technology and reach. It is asset-light, capital-efficient, and aligned with who we are,”Gaurav Munjal, group CEO, Unacademy, in an internal email reported by Inc42 (title at the time of the January 2026 announcement)
Why it is a Growth Move: Unacademy kept its offline reach but moved the cost of buildings and staff to local operators, changing how it earns from physical demand.
upGrowth takeaway: If a channel works but its fixed costs don’t, change who owns the costs before you shut the channel. Franchise, partner or revenue share are all on the table.
Arnav Kumar, Leap: 15 new study-abroad centres to add offline trust
What changed: On 23 March 2026, Leap announced 15 new offline centres opening in 2026 across Tier I, II and III cities, and a target of 20 additional operational touchpoints by end-2026. Early locations include Hubli, Indore, Bhubaneswar, Patna and Kolkata. The centres share one dashboard with Leap’s online journey and offer counselling across 1,500+ global universities, IELTS preparation, visa filing and education loan checks.
“This expansion is strategic: we’re scaling quality, not just footprint,”Arnav Kumar, Co-founder, Leap (title at the time of the March 2026 announcement)
Why it is a Growth Move: Leap added a physical channel to close high-ticket study-abroad decisions that families hesitate to make online.
upGrowth takeaway: When the purchase is a family decision worth lakhs, a centre is a conversion tool, not a cost centre. Track centre visits against admits, not footfall.
Ashwin Damera, Eruditus: brought 7 foreign universities to Indian campuses
What changed: On 29 January 2026, Eruditus announced partnerships with 7 foreign universities, including the University of New South Wales (UNSW), the University of Bristol, the University of Liverpool and the University of York, to set up campuses in Mumbai, Bengaluru and Gurugram, opening from August or September 2026. In May, Business Standard reported that Eruditus is their “market entry partner” through joint ventures in which the universities typically hold 51% and Eruditus 49%. India contributes nearly 25% of Eruditus revenue today, and the company expects more than half within 5 years. The University of Bristol opened its Mumbai campus and welcomed its inaugural cohort on 10 September 2026.
“Global student mobility is structurally shifting. Rising costs and policy barriers are keeping more Indian students at home, even as demand and opportunities for high-quality education in India grow.”Ashwin Damera, co-founder and chief executive officer, Eruditus (title at the time of the January 2026 announcement)
Why it is a Growth Move: Eruditus moved from selling online certificates to running full on-campus degrees in India, a new product and a new revenue model through joint ventures.
upGrowth takeaway: When your customers’ default option gets more expensive, bring the premium option to them. Ask what your buyers used to travel for, and whether you can deliver it locally.
Abhimanyu Saxena, Scaler: a 4-year AI and Business degree with startup-building built in
What changed: Scaler School of Technology launched a 4-year, fully residential undergraduate programme in AI and Business, reported by CareerIndia on 5 March 2026 and formally announced on 27 March 2026. Startup-building is a mandatory part of the curriculum. Intake is capped at 200 students this year. Students who choose industry roles can use Scaler’s network of over 1,200 hiring partners, and students attempting startups keep deferred placement support.
“India has a rare opportunity in the AI wave. We have talent, ambition, and a strong startup ecosystem. The real question is whether our institutions evolve fast enough.”Abhimanyu Saxena, Co-founder, Scaler (title at the time of the March 2026 announcement)
Why it is a Growth Move: Scaler added an undergraduate product line that sells a business and AI outcome, not only coding skills, to a new buyer: school leavers and their parents.
upGrowth takeaway: If your best product is a career outcome, sell it earlier in the learner’s life. A school leaver’s family buys 4 years; a working professional buys 6 months.
Ashish Munjal, Elevate Education: relaunched its engineering track as an AI-first CS school
What changed: On 4 February 2026, Sunstone launched ALTA School of Technology, an AI-first undergraduate computer science programme delivered with UGC/AICTE-approved institutes. ALTA evolves Sunstone Select, launched in 2023, which enrolled 600+ students. Students build 20+ real projects with live users and complete a 6-month internship before graduating. In July 2026 the company, now Elevate Education (formerly Sunstone), raised Rs 170 Cr ($17.7 Mn) in a Series D led by WestBridge Capital and said it expects Rs 300 Cr revenue and profitability in FY27 (Inc42).
“Sunstone Select showed us that students thrive when education is aligned with real industry practices.”Ashish Munjal, Founder of ALTA and Co-Founder & CEO of Sunstone (title at the time of the February 2026 announcement)
Why it is a Growth Move: Sunstone turned an experiment into a branded degree product, with a separate name it can market to engineering aspirants.
upGrowth takeaway: When a pilot proves itself, give it its own name and its own funnel. A sub-feature can’t win a search query; a school can.
Sumeet Mehta, LEAD Group: an AI tutor inside the school classroom
What changed: On 7 April 2026, LEAD Group introduced Ms. Curie, an AI-powered tutor, with Fluento, an AI-led spoken English programme, as its first product. YourStory reports Fluento is priced at around Rs 2,000 per student per year, and that early pilots in 10 schools across Mumbai, Bangalore and Delhi showed students improving conversational ability by 1.4 times within one unit of content. Mehta projects that 40% of LEAD’s business will be AI-led. LEAD reported FY26 operational revenue of Rs 386.66 crore.
“What we have been unable to break is this 1:40 construct. Everybody talks about the two sigma problem in education. All of us know that one-on-one tutoring is the gold standard but it is so expensive nobody can afford,”Sumeet Mehta, Co-founder and CEO, LEAD Group (title at the time of the April 2026 announcement)
Why it is a Growth Move: LEAD added an AI product line sold through its existing school network, priced per student, on top of its curriculum business.
upGrowth takeaway: Your distribution is your moat for AI. If you already sit inside thousands of institutions, ship the AI product there first instead of chasing consumers.
Ujjwal Singh, Infinity Learn: an AI mentor sold inside Pearson test-prep books
What changed: In March 2026, Infinity Learn (by Sri Chaitanya) and Pearson India launched JEE Main.AI 2026, part of an AI-powered competitive exam test series with paper-based and computer-based mock tests. Each book carries an activation code that unlocks Infinity Learn’s digital resources, and the series runs on AINA, Infinity Learn’s AI mentor. YourStory reports the series is available at a sub Rs 1,000 price point. NEET and JEE Advanced modules will follow, and JEE Main draws more than 1.3 million candidates each year.
“Our collaboration with Pearson India marks a significant milestone in reimagining test preparation for exams like JEE.”Ujjwal Singh, Founding CEO, Infinity Learn (title at the time of the March 2026 announcement)
Why it is a Growth Move: Infinity Learn opened a new channel: a publisher’s print distribution, with the book as the gateway into its AI product.
upGrowth takeaway: Find the physical object your buyer already pays for and put your product’s login inside it. An activation code is a lead you didn’t pay CAC for.
Arpit Mittal, SpeakX: an AI English tutor that moved beyond Hindi
What changed: Inc42 reported on 1 September 2026 that SpeakX, an AI English tutoring app, moved from its earlier Hindi-first approach to serving users in Bengali, Tamil, Telugu, Malayalam, Kannada and Marathi. Hindi-belt users once made up 80% of its audience, and “Mittal claims that users speaking regional languages now account for half of its user base.” SpeakX runs a freemium model with around 2 lakh active paid subscribers at Rs 299 a month, and Mittal claims it turned EBITDA profitable in FY26 on a Rs 45 Cr top line.
“There is no human touchpoint on the platform. The only exception is customer support, where users are connected to a person in specific cases when the product is unable to resolve their issue,”Arpit Mittal, founder and CEO, SpeakX (title at the time of the September 2026 report)
Why it is a Growth Move: SpeakX entered 6 new language markets without hiring tutors in each, because the tutor is AI.
upGrowth takeaway: AI makes a new language a content problem, not a hiring problem. If your product is AI-led, list the languages your next million users speak and test one this quarter.
Manan Khurma, Cuemath: made the full K-12 app free and kept coaching paid
What changed: On 9 September 2026, Cuemath made its full K-12 math curriculum, test prep library and math enrichment free in a single app, covering practice, test prep for AMC, SAT and AP, and math games. Live 1:1 coaching stays a separate paid option. The app runs on a “Human × AI” model: algorithms handle path-mapping and admin, human coaches handle accountability and mentorship. Cuemath already gets 3.5 million monthly organic visitors and aims for 10 million a month. The app is live on the web for US users first, with a global rollout scheduled.
“AI should be an Ironman suit for educators,”Manan Khurma, Founder of Cuemath (title at the time of the September 2026 announcement)
Why it is a Growth Move: Cuemath changed how it makes money: the product became a free acquisition channel and the human coach became the paid upgrade.
upGrowth takeaway: If AI makes your core product cheap to serve, give it away and charge for the scarce part. Measure free-to-paid conversion by cohort, not by downloads.
Neelakantha Bhanu, Bhanzu: turned a free math contest into a reality show
What changed: On 27 July 2026, Bhanzu partnered with NODWIN Gaming and Rusk Media to launch Math Bee, a reality-show-style math championship for Grades 7, 8 and 9. The competition is free to enter, and qualifier rounds run on Bhanzu’s MathUp app. The top 500 participants join a virtual bootcamp before finalists compete on the show.
“For generations, mathematics has been viewed as a subject of fear rather than enjoyment. Math Bee is designed to fundamentally change that perception by bringing mathematics into the mainstream of popular culture.”Neelakantha Bhanu, Founder of Bhanzu (title at the time of the July 2026 announcement)
Why it is a Growth Move: Bhanzu opened an entertainment channel that brings students into its own app through a free contest, instead of buying the same students through ads.
upGrowth takeaway: Content people watch for fun can feed the top of your funnel if the entry point is your product. Make the qualifier happen inside your app, never on a third-party form.
What should growth teams at Series A to C edtech companies do with this?
The biggest edtech growth moves of 2026 changed who carries the cost of reaching a learner and where the paywall sits. For a Series A to C company, that points to four practical checks.
Price the acquisition before the campaign. upGrad, Imarticus and Emversity each bought a segment or a country. List the audiences you can serve but can’t reach, and check whether a small operator already owns their trust.
Decide who pays for the building. PhysicsWallah, Unacademy and Leap all kept offline in the mix but chose different cost models. Model your centre economics as owned, franchised and partner-run before you sign a lease.
Move the paywall to the scarce part. Cuemath gave the app away and kept the coach paid. Infinity Learn priced its AI series under Rs 1,000. If AI made your core content cheap to serve, find the human or credential layer people will still pay for.
Check how AI engines describe you. Parents and students now ask ChatGPT, Perplexity and Gemini which course, coaching centre or degree to choose. If those answers skip your brand, or describe an old product, you lose the shortlist before any counsellor call.
Nominate a Growth Move
EdTech completes the 2026 run of Growth Moves: the fintech, e-commerce, healthtech, SaaS, D2C brands and EdTech editions are all live on the hub. If your company made a growth move in 2026 that changed how it grows, tell us what changed, when, and where it is documented. Write to [email protected] with the subject line “Growth Moves nomination”.
Frequently asked questions
What is a growth move?
A growth move is a dated, documented change that alters how a company acquires, monetises, retains or serves customers. It can be a new capability, product, market, category or distribution channel. Funding rounds, hires and awards on their own do not count.
What were the biggest Indian edtech growth trends in 2026?
Four patterns stand out from January to September 2026: reach bought through acquisitions, offline presence rebuilt on new cost terms, full degrees sold as products, and AI tutors placed behind free or low-cost entry points.
How much did upGrad pay for Unacademy?
upGrad completed the acquisition on 1 September 2026 in a deal valued at just over $200 Mn, according to Inc42. That is more than 94% below Unacademy’s 2021 peak valuation of $3.5 Bn.
Are Indian edtech companies going back to offline centres?
Some are, on new terms. PhysicsWallah grew from 198 to 353 centres in FY26, and Leap announced 15 new centres in 2026. Unacademy moved its company-run centres to franchise partners to stay asset-light.
Which Indian edtech companies made their products free in 2026?
Cuemath made its full K-12 math app free on 9 September 2026, keeping 1:1 coaching paid. Bhanzu made entry to its Math Bee championship free, with qualifiers run through its MathUp app.
How were companies selected for Growth Moves?
Each move had to be announced between January and September 2026, documented in a primary or reputable source, and credited to a named leader in that source. Funding rounds alone did not count. No company paid for inclusion.
About Growth Moves: Growth Moves is a research series by upGrowth, a growth consultancy that has worked with 250+ companies across fintech, healthcare, SaaS, D2C and EdTech since 2017. Each edition examines the specific moves reshaping growth in one sector. See all editions. Edition: EdTech. Research period: January to September 2026. Facts checked against the linked sources on 6 November 2026.
Does ChatGPT recommend your course?
Parents and students now ask AI assistants which course, coaching centre or degree to choose, before they ever see your ad. Find out what ChatGPT, Perplexity and Gemini say about you today.
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