Indian edtech funding fell 56% to $249 Mn in 2025, an eight-year low, down from $568 Mn in 2024, yet Mumbai remains the country’s second-largest edtech hub by capital raised. Its leaders were built before the downturn and are now being judged on scale.
upGrad, the higher-education and skilling unicorn, raised $225 Mn from James Murdoch’s Lupa Systems and Educational Testing Service. School-focused LEAD became India’s first edtech unicorn of 2022 after a $100 Mn Series E at a $1.1 Bn valuation, with close to $166 Mn invested since inception.
LEAD entered the 2022-23 academic year serving 2 Mn+ students across 5,000+ schools in 500+ cities, showing the reach behind Mumbai’s edtech base. The downturn has since reset expectations, with sector funding falling for four straight years from its 2021 peak, and the city’s leaders now competing on unit economics rather than user growth.
Executive-education unicorn Eruditus is the region’s heaviest raiser, with roughly $1.24 Bn across nine rounds and a valuation that hit $3.2 Bn after its $650 Mn round led by Accel and SoftBank Vision Fund II, later topped up by a $150 Mn Series F from TPG’s The Rise Fund. Test-prep platform Toppr, which raised about $65.1 Mn before BYJU’S acquired it for $150 Mn, and government-exam specialist Testbook, which has raised about $12.55 Mn and turned its focus to profitability, round out a cohort built during and after the sector’s boom years.
Newer SaaS-led names such as Winuall, which raised $2 Mn to digitise coaching classes, show the shift towards tooling for educators rather than direct-to-student apps. upGrad has expanded through more than a dozen acquisitions into study-abroad, enterprise training and degree programmes, while Eruditus runs executive courses with universities including Harvard, MIT and INSEAD, underscoring how Mumbai’s edtech leaders built for global markets rather than the domestic one alone. Across the past decade Mumbai has cornered close to $2.6 Bn in edtech funding, second only to Bengaluru, with strength in higher education, skilling and school-focused models.
This ranking covers the 30 most-funded edtech companies in Mumbai, ordered by capital raised.
