Ed-tech UNext Bets on Disciplined Growth as India’s Edtech Sector Faces a Major Reset

India’s edtech sector has gone through a major shake-up in recent years. Byju’s went into insolvency, while Unacademy, once valued at around $3.4 billion, was acquired by rival upGrad for nearly $200 million in September.

Amid this reset, Manipal-backed UNext Learning is taking a very different approach. Instead of chasing rapid growth and large funding rounds, the company has focused on controlled spending, technology and long-term partnerships with universities.

Founded and led by Ambrish Sinha, UNext was built inside the Manipal Education and Medical Group (MEMG) rather than as a typical venture-funded startup.

Key Numbers

• Rs 700-800 Cr - Capital invested by MEMG in UNext
• 1.25 lakh+ - Monthly active learners
• Rs 580+ Cr - Consolidated revenue as of March 2026

Launched in 2021, UNext has grown into one of India’s major online degree and certification providers. As of March 31, 2026, the company reported Rs 925 Cr in gross bookings and more than Rs 580 Cr in consolidated revenue.

Its B2C online business grew revenue by 35% year-on-year, while the company expects around 30% growth in FY27.

Student enrolments increased by 60%, while customer acquisition costs dropped by around 25-30%.

Focus on Profitability, Not Just Growth

UNext’s enterprise skilling business is already EBITDA positive, while the company expects to become profitable on a consolidated basis by March 2027.

The B2C business is already gross-margin positive and is expected to become EBITDA positive from FY28.

Sinha said the company’s focus from the beginning was not to build another large consumer edtech brand. Instead, UNext wanted to create a capital-efficient technology platform that could work with universities and colleges.

This model helped the company use existing institutional brands, reduce customer acquisition costs and avoid the heavy advertising spending seen across parts of the edtech industry.

UNext’s B2B skilling business also has a strong presence in the banking, financial services and insurance (BFSI) sector. The company has trained and placed more than 250,000 professionals.

AI Is Becoming a Big Part of UNext

UNext is now putting artificial intelligence (AI) at the centre of its technology strategy.

The company is using AI across learning, marketing, content creation, product development and internal workflows.

Its in-house learning management system, Lumen, uses AI for features such as doubt resolution, automated quizzes, content summaries and personalised learning paths.

AI is also being used for lead nurturing and voice-based interactions. The goal is to reduce acquisition costs and help learners find courses that match their needs.

Sinha believes AI can make online learning more personalised and help students stay engaged and complete their courses.

He also expects learners to increasingly move from traditional search-based discovery to AI-generated and curated answers.

However, Sinha believes AI will support rather than replace education technology platforms. He expects the impact to be stronger in higher education, where students are more capable of using AI tools independently.

For younger schoolchildren, especially those below 10-12 years, he believes teacher-led learning, discipline and social interaction will remain important.

AI May Change Jobs, But Not Eliminate Them

There are growing concerns that AI could reduce entry-level jobs for which many edtech companies train students.

Sinha does not expect these jobs to disappear completely. Instead, he believes the job market will change, with some roles declining while new roles and skills emerge.

He also pointed out that many large Indian companies are currently using AI mainly to improve processes and reduce costs rather than replace employees completely.

UNext Wants to Stay Focused on India

Unlike many technology companies looking for rapid international expansion, UNext plans to remain largely focused on India.

The company wants to deepen its partnerships with universities and could also work with foreign institutions through selected collaborations.

It is also planning specialised programmes for working professionals.

At the same time, UNext is expanding beyond its digital model. It is setting up offline training centres for manufacturing, retail and FMCG in Mumbai, Delhi-NCR and Jaipur.

The company sees these physical centres and instructor-led programmes as a complement to online learning.

Its larger goal is to become a lifelong learning partner, offering online, offline and hybrid education.

No IPO Plans for Now

UNext sees universities as partners rather than competitors. Its major competitors include Coursera, upGrad, Great Learning and Simplilearn.

The company could also look at acquisitions if the right opportunity comes along. So far, its only acquisition has been Jigsaw Academy.

Sinha said UNext could consider businesses in higher education, technology, content and related areas if they fit its long-term strategy.

For now, however, the company has no immediate plans for an IPO.

Instead, UNext wants to stay private, grow its market share and continue building its technology and higher education business.

As India’s edtech sector moves away from the era of aggressive spending, UNext is betting that discipline, strong university partnerships, technology and a clear focus on profitability can create a more sustainable path for long-term growth.