What are the top EdTech startups by revenue today?

The ranking of top startups in the EdTech market by revenue

Below is a table ranking all the companies in this market by their current revenue scale. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the EdTech Market.

What are the top EdTech startups by revenue today?

The biggest EdTech companies today range from roughly $100 million in annual revenue to more than $2.5 billion, but Eruditus currently has the strongest claim to the top spot if we restrict the ranking to genuinely private, venture-backed EdTech companies.

The broader leaderboard looks very different. Stride generated $2.52 billion in FY2026. Coursera and Udemy now form one company that produced more than $1.5 billion of combined 2025 revenue. Duolingo generated $1.04 billion. PowerSchool's last public numbers put it around $741 million of trailing revenue before Bain took it private. Skillsoft generated $513 million in FY2026.

Those companies help us understand the ceiling of the market, although calling all of them startups would stretch the word beyond usefulness. Stride, Duolingo and Skillsoft are public. PhysicsWallah has also gone public. Coursera has absorbed Udemy. PowerSchool belongs to Bain.

Among independent private companies, Eruditus reported $447.9 million of FY2024 revenue. Behind it, the evidence becomes less uniform: Guild is estimated around $275 million, MasterClass around $247 million, and upGrad reported ₹2,070 crore of FY2026 gross revenue. Multiverse has directly confirmed annual revenue above $100 million.

Company	Best useful revenue evidence	Current status	Evidence quality
Stride	$2.52B FY2026 revenue	Public	Very high
Coursera + Udemy	>$1.5B combined 2025 revenue	Public combined company	High
Duolingo	$1.04B 2025 revenue	Public	Very high
PowerSchool	~$741M TTM before acquisition	Bain-owned	High, but aging
Skillsoft	$513M FY2026 revenue	Public	Very high
PhysicsWallah	₹3,900 Cr FY2026 revenue	Public	Very high
Eruditus	$447.9M FY2024 revenue	Private	High
Chegg	$376.9M 2025 revenue	Public	High, but shrinking fast
Guild	~$275M 2024 revenue	Private	Medium-low
MasterClass	~$247M 2025 revenue	Private	Low
Docebo	$242.7M 2025 revenue	Public	Very high
upGrad	₹2,070 Cr FY2026 gross revenue	Private	High, but different metric
Khan Academy	$128M total nonprofit revenue	Nonprofit	High, but not comparable
Multiverse	>$100M annual revenue	Private	High

Which private EdTech startup makes the most revenue?

Eruditus is the strongest answer we can defend today for an independent private EdTech company.

The executive-education company generated $447.9 million in FY2024, up from $405.2 million one year earlier. That puts it comfortably above the directly disclosed figures we found for Multiverse and ahead of the most commonly cited estimates for Guild and MasterClass.

The age of the Eruditus number is the main weakness. The business may already be larger, but we have not found a newer company-wide annual revenue figure strong enough to replace the $447.9 million actual result. Forecasts and management targets do not belong in the same column as completed revenue.

Eruditus also shows how different the top of private EdTech looks from the newest startup cohort. It sells expensive professional programs with universities including Harvard, Wharton, MIT, INSEAD and Cambridge. Reaching nearly half a billion dollars has depended on high-value programs sold globally, rather than millions of students paying a few dollars for an app.

Which EdTech companies make more than $100 million a year?

At least a dozen EdTech businesses in our research have credible evidence of $100 million-plus annual scale, and several private companies already sit comfortably above that line.

Eruditus clears it by a wide margin. Guild and MasterClass appear to be above $200 million based on specialist estimates. upGrad reported more than ₹2,000 crore of gross revenue. Multiverse has explicitly said it crossed $100 million.

Quizlet and Age of Learning also appear to sit above $100 million according to outside estimates, but we have much less confidence in their exact positions. Preply probably belongs in the conversation based on the scale of its marketplace and its profitability, yet the company still does not publish a revenue number.

Private company	Best current evidence	What the figure actually is
Eruditus	$447.9M	FY2024 revenue
Guild	~$275M	2024 estimate
MasterClass	~$247M	2025 estimate
upGrad	₹2,070 Cr	FY2026 gross revenue
Quizlet	~$139M	2025 estimate
Age of Learning	~$127M	2024 estimate
Multiverse	>$100M	Annual revenue
Preply	Revenue undisclosed	100,000+ tutors and profitable before its latest round

Is Coursera bigger than Duolingo now?

Yes. The combined Coursera-Udemy business is currently larger than Duolingo by revenue, with more than $1.5 billion of combined 2025 revenue versus Duolingo's $1.04 billion.

That comparison became much more straightforward after Coursera completed its combination with Udemy. The enlarged group brings together around 290 million learners, 18,000 enterprise customers and 95,000 instructors.

Duolingo is still the more concentrated business. Its $1.04 billion came largely from one consumer learning ecosystem rather than a combination of two large education platforms. Subscription revenue alone reached $873.4 million in 2025.

So Coursera now has more revenue, while Duolingo remains the clearest example of a single consumer EdTech product reaching billion-dollar annual scale.

Has Duolingo really become a billion-dollar education company?

Yes. Duolingo generated $1.038 billion of revenue in 2025, up 39% from $748 million one year earlier.

The company also passed $1 billion of bookings and 50 million daily active users. Subscription revenue reached $873.4 million, meaning paid subscriptions still drive most of the business rather than advertising or testing.

That scale changes where Duolingo belongs in the EdTech conversation. A few years ago, it was easy to describe the company as a popular language app. Today, its revenue is larger than many established education-software groups and several former EdTech unicorns combined.

Duolingo has also been widening the product beyond languages into areas such as math, music and chess. Those newer categories do not yet explain the billion-dollar revenue base, but they show how the company is trying to reuse the same engagement engine across more subjects.

How much revenue does PhysicsWallah make now?

PhysicsWallah generated ₹3,900 crore of FY2026 revenue from operations, up about 35% year over year.

That puts PhysicsWallah around the mid-$400-million range in dollar terms and makes it one of the largest companies created during the recent EdTech startup wave. It has also moved well beyond its original identity as a cheap online test-prep platform.

PhysicsWallah finished FY2026 with 5.34 million paid users and 353 physical centres. Online unique transacting users reached 4.87 million, while offline enrolments reached roughly 470,000.

The physical expansion is important because PhysicsWallah's growth increasingly comes from a hybrid model. Digital content still gives the company enormous reach, while offline centres let it capture more spending from students who want classroom teaching.

PhysicsWallah is now public, so we would include it when comparing companies that grew out of the startup ecosystem, but exclude it from a ranking limited to private EdTech startups.

Is Eruditus bigger than PhysicsWallah?

Eruditus and PhysicsWallah are now remarkably close in annual revenue, although PhysicsWallah has the much fresher number.

Eruditus reported $447.9 million for FY2024. PhysicsWallah's ₹3,900 crore of FY2026 revenue converts to roughly the same broad dollar range, depending on the exchange rate used.

The similarity ends there. Eruditus sells premium professional and executive education globally through university partnerships. PhysicsWallah makes its money primarily from Indian test preparation, school learning and a rapidly expanding network of physical centres.

PhysicsWallah also grew FY2026 revenue by about 35%. Eruditus's last confirmed annual growth was much slower, from $405.2 million to $447.9 million.

For current operating scale, PhysicsWallah's fresher disclosure deserves more weight. For the private-startup ranking, Eruditus remains the relevant company because PhysicsWallah is already listed.

How big is upGrad after buying Unacademy?

upGrad has become one of the largest private EdTech groups in the world, with ₹2,070 crore of FY2026 gross revenue before adding Unacademy's business.

The company said gross revenue grew 7% year over year, while EBITDA rose to ₹123 crore and net losses narrowed to ₹130 crore. It also had ₹530 crore of collected revenue that had not yet been recognised because the related programs extend into future periods.

Then came another major change: upGrad completed its acquisition of Unacademy. The deal valued Unacademy at roughly ₹1,955 crore, or about $206 million, far below its $3.44 billion peak valuation.

Unacademy co-founder Gaurav Munjal said the acquired group was generating roughly ₹400 crore of annual revenue around the time of the sale. That is a much smaller business than the ₹702 crore reported for FY2025, which shows how quickly Unacademy's scale had continued to fall.

The acquisition makes upGrad's group considerably broader across online degrees, professional skilling, study abroad, offline education and test preparation. We would still avoid simply adding ₹400 crore to upGrad's reported ₹2,070 crore: the figures cover different periods and accounting definitions.

What happened to Unacademy's revenue?

Unacademy's business shrank dramatically before its sale to upGrad.

FY2025 consolidated revenue was about ₹702 crore, down 16% from roughly ₹840 crore. By the time the acquisition closed, Gaurav Munjal described annual revenue as approximately ₹400 crore.

That later figure is roughly 43% below the FY2025 number and less than half of Unacademy's FY2024 scale. Cost cuts brought most of the company's businesses close to profitability, but the top line kept getting smaller.

The valuation tells the same story more brutally. Unacademy peaked at $3.44 billion in 2021 and was eventually sold for around $206 million.

Unacademy still has a large brand, YouTube reach and products such as PrepLadder, Graphy and Airlearn. Financially, though, it has moved a long way down the EdTech revenue hierarchy that existed during the pandemic boom.

How much revenue does MasterClass make?

MasterClass appears to generate around $247 million a year, but that number remains an external estimate rather than a company disclosure.

GetLatka estimates 2025 revenue at $247 million, up from approximately $155 million in 2024. Its own methodology notes that it has not interviewed MasterClass management for the figure and instead relies on public records and proprietary research.

That limitation changes how we use the number. $247 million would make MasterClass one of the largest independent consumer EdTech companies, but we would not place it confidently above another company with $240 million of audited revenue.

The useful conclusion is the order of magnitude. MasterClass looks like a several-hundred-million-dollar education subscription business. Whether the exact number is $220 million, $247 million or somewhat higher remains much less certain.

How big is Guild today?

Guild appears to be a roughly $275 million revenue business, putting employer-funded education among the largest private EdTech models.

Sacra estimates that Guild generated $275 million in 2024, up around 6% from $261 million the year before. The company helps employers pay for education and career development for workers, rather than selling courses directly to consumers.

Guild's model gives it access to large corporate budgets, but those budgets can also be concentrated. Changes to education benefits at major customers can visibly affect company growth.

We therefore treat $275 million as a useful estimate of Guild's scale rather than an audited fact. Even with that caveat, Guild clearly belongs in the top tier of private education companies by revenue.

How big is PowerSchool now that it is private?

PowerSchool is almost certainly still one of the largest private EdTech businesses, but its current revenue is no longer public.

Before Bain Capital completed its $5.6 billion acquisition, PowerSchool was generating roughly $741 million on a trailing basis. At the time of the deal, its software supported more than 60 million students and more than 18,000 customers across over 90 countries.

The problem is freshness. PowerSchool stopped publishing public-company financials after the acquisition, so the $741 million figure increasingly describes the business Bain bought rather than the business as it operates today.

We keep PowerSchool high in the broader EdTech landscape because the last verified revenue figure is too large to ignore. We would not use $741 million as though it were newly disclosed current revenue.

What happened to Chegg's revenue?

Chegg's revenue collapse is now too large to understand from its 2025 annual number alone.

Chegg generated $376.9 million in 2025, already down 39% from the previous year. Then second-quarter 2026 revenue fell to just $51.8 million, another 51% year-over-year decline. Revenue for the first six months of 2026 was $115.1 million versus $226.5 million in the same period one year earlier.

That puts Chegg on a much lower current run-rate than the $377 million annual figure suggests.

Chegg is trying to rebuild around skilling and employability, where second-quarter revenue was more stable. The legacy student business, however, continues to shrink quickly.

A simple ranking based on last completed annual revenue would still place Chegg relatively high. Anyone asking how big Chegg is now needs to look at the quarterly trajectory as well.

Which Indian EdTech companies make the most revenue?

India currently has several EdTech businesses operating at genuine global scale, led by PhysicsWallah, upGrad and Eruditus.

PhysicsWallah reported ₹3,900 crore of FY2026 revenue. upGrad reported ₹2,070 crore of FY2026 gross revenue before its Unacademy acquisition. Eruditus generated $447.9 million in FY2024 through its international executive-education business.

Further down, Simplilearn, LEAD, Unacademy and Teachmint show very different trajectories. LEAD is growing again, while Unacademy became much smaller before being sold. Teachmint is still relatively small but more than doubled FY2025 revenue.

Company	Latest useful figure	What is happening
PhysicsWallah	₹3,900 Cr FY2026 revenue	+35%
Eruditus	$447.9M FY2024 revenue	+10.5%
upGrad	₹2,070 Cr FY2026 gross revenue	+7%
Simplilearn	~₹578 Cr FY2025 revenue	Contracted
Unacademy	~₹400 Cr around acquisition	Sharp contraction
LEAD Group	~₹387 Cr FY2026 revenue	+10%
Teachmint	₹102.1 Cr FY2025 revenue	+104.7%

Is workforce learning becoming the biggest part of EdTech?

Workforce learning has become one of the strongest places to build a large EdTech business, especially for companies selling directly to employers.

Skillsoft generated $513 million in FY2026. Eruditus reached $447.9 million in its latest strong annual disclosure. Guild is estimated around $275 million. Docebo generated $242.7 million in 2025, with 94% of revenue coming from recurring subscriptions. Multiverse has crossed $100 million.

These companies sell different things, but the buyer is often the same: an employer willing to spend meaningful money on skills, retention and productivity.

The model also avoids one of consumer EdTech's hardest problems. Instead of convincing millions of individual learners to pay every month, a workforce platform can win a few hundred or a few thousand organizations and build sizeable recurring contracts.

Workforce learning is not all of EdTech, though. Stride, PhysicsWallah and Duolingo show how large K-12, test-prep and consumer businesses can still become. Enterprise and professional learning simply occupy a striking share of the revenue leaderboard now.

Can consumer EdTech still become a huge business?

Duolingo makes the answer easy: consumer EdTech can still become enormous when retention and monetisation are unusually strong.

The company generated $1.04 billion in 2025, including $873.4 million of subscription revenue. MasterClass appears to operate at a few hundred million dollars of annual revenue, while companies such as Quizlet and Age of Learning also appear to have crossed nine figures.

What separates Duolingo is the combination of free distribution, habit-forming usage and a paid subscription that converts a relatively small share of a gigantic audience.

That model is difficult to reproduce. Plenty of education apps attract millions of users without building anything close to a billion-dollar business. User growth helps, but repeat usage and willingness to pay decide whether a consumer EdTech company joins the revenue leaders.

Are AI EdTech startups already among the revenue leaders?

No. AI-native EdTech startups are growing quickly, but the current revenue leaders were overwhelmingly built before the generative-AI boom.

Gizmo is a good example of the gap. The AI study app has reached more than 13 million users across 120-plus countries and raised a $22 million Series A. That is exceptional distribution for a young education company, yet Gizmo has not disclosed a revenue number that would put it anywhere near the $100-million group.

Yoodli offers a different kind of evidence. The AI roleplay and communication-training company says revenue grew 900% year over year and enterprise retention exceeds 95%. Again, the actual revenue base is undisclosed.

Those companies may eventually move much higher. For now, AI is producing some of EdTech's fastest user and revenue growth rates without having produced one of its largest disclosed revenue businesses.

How big is Preply if it does not disclose revenue?

Preply is clearly a major private EdTech company, although we still cannot give it a defensible revenue rank.

The language-learning marketplace has more than 100,000 tutors serving learners across 180 countries and more than 90 languages. Its latest funding round valued the company at $1.2 billion, and Preply said it had been EBITDA-profitable over the preceding 12 months.

That combination tells us Preply has moved well beyond early-stage scale. It does not tell us how much revenue the company generates.

We will not reverse-engineer revenue from valuation, tutor count, lesson prices or profitability. Preply stays unranked until the company or a strong source provides a usable financial figure.

Why do some famous EdTech unicorns disappear from a revenue ranking?

Because a billion-dollar valuation can coexist with surprisingly little disclosed revenue, while quieter companies can generate hundreds of millions of dollars a year.

Preply is worth $1.2 billion but does not publish revenue. Gizmo already has 13 million users but no comparable financial disclosure. Other heavily funded education companies similarly provide user, funding or valuation numbers without a clear revenue figure.

Meanwhile, Eruditus has reported nearly $450 million of annual revenue, Multiverse has crossed $100 million, and Docebo generated $242.7 million with audited financial statements.

Revenue rankings reward actual commercial scale rather than investor expectations. That is why they often look very different from lists of the best-funded or highest-valued startups.

Is EdTech growing again?

Some of the largest EdTech companies are growing strongly again, while others are still shrinking at extraordinary speed.

Stride grew FY2026 revenue 4.7%. PhysicsWallah grew around 35%. Duolingo increased 2025 revenue 39%. LEAD grew around 10%. Multiverse crossed $100 million, while newer AI companies such as Yoodli are reporting very high percentage growth from smaller bases.

Chegg is moving the other way: second-quarter revenue fell 51%. Unacademy's annual revenue had fallen to roughly ₹400 crore by the time it was acquired. Simplilearn's latest available annual figure also showed contraction.

The sector has split into winners and losers rather than returning to the broad pandemic-era boom. Consumer subscription, hybrid test preparation, enterprise learning and AI training are producing growth in some companies while older online-course and homework-help businesses lose ground.

What kind of EdTech startup can reach $100 million in revenue now?

The companies that cross $100 million usually have either expensive education products, institutional buyers, exceptional consumer retention or a hybrid model that captures more spending per learner.

Eruditus and upGrad sell high-value professional and degree programs. Guild and Multiverse tap employer budgets. Duolingo has built one of the strongest consumer subscription engines in education. PhysicsWallah combines cheap digital distribution with physical centres and paid programs.

Those models look very different on the surface. Economically, they all solve the same problem: they find a way to earn much more per customer, keep customers paying for longer, or sell to an institution that can spend far more than an individual learner.

Route to scale	Examples	Why it can reach $100M+
Premium professional education	Eruditus, upGrad	High-value programs and university partnerships
Employer-funded learning	Guild, Multiverse, Skillsoft	Large institutional contracts
Consumer subscriptions	Duolingo, MasterClass	Huge audiences plus repeat payments
Hybrid online/offline education	PhysicsWallah	More revenue captured per learner
School software	PowerSchool, Docebo	Recurring institutional spending

So which EdTech startups are actually the biggest by revenue today?

Eruditus currently has the strongest claim to being the largest independent private EdTech startup by disclosed revenue, while Stride, Coursera-Udemy and Duolingo lead the much broader EdTech company ranking.

Eruditus's last strong actual figure is $447.9 million. Guild appears to be around $275 million, MasterClass around $247 million, and upGrad reported ₹2,070 crore of FY2026 gross revenue before completing its Unacademy acquisition. Multiverse has crossed $100 million.

Once public and acquired companies are included, the scale jumps sharply. Stride generated $2.52 billion in FY2026. Coursera and Udemy produced more than $1.5 billion of combined 2025 revenue. Duolingo generated $1.04 billion. PowerSchool's last public trailing figure was around $741 million, and Skillsoft generated $513 million.

The newest AI startups have not reached that financial tier yet. The revenue leaderboard today still belongs mostly to companies that spent years building institutional distribution, premium education programs, hybrid delivery or unusually sticky consumer subscriptions. AI is already changing which companies are growing fastest, but it has not yet rewritten the top of the revenue table.