Amid the crisis in India's education technology sector, which has affected major players, UNext, part of the Manipal Education and Medical Group (MEMG), is choosing a different path of development. UNext is focusing on discipline, artificial intelligence, university partnerships, and reducing customer acquisition costs, while avoiding the expensive model that has harmed several competitors.
The largest companies in the EdTech sphere have faced problems: Byju's, once the country's most valuable startup, announced insolvency. Unacademy, previously valued at approximately $3.4 billion, was sold to competitor upGrad for about $200 million this September.
UNext Learning took another route. The company was founded by Ambrish Singh within the Manipal Education and Medical Group (MEMG), not as a venture startup. Its corporate training business is already showing a positive EBITDA figure, and the company is expected to achieve consolidated break-even by March 2027.
Ambrish Singh, founder and CEO of UNext, emphasized that UNext's strength has never been in creating a consumer brand. Instead, the focus has been on developing a capital-efficient technology platform that collaborates with partner universities while carefully controlling the cost of growth.
MEMG provided UNext with internal support of about 700–800 crore rupees. Launched in 2021, UNext has become one of the largest providers of online diplomas and certificates in India, boasting over 125,000 active monthly learners.
As of March 31, 2026, UNext reported gross bookings of 925 crore rupees and consolidated revenue exceeding 580 crore rupees. Its consumer-oriented (B2C) online business demonstrated a 35% year-on-year revenue growth, and the company forecasts around 30% growth in the fiscal year 27.
Meanwhile, student enrollment increased by 60% year-on-year, and customer acquisition costs decreased by approximately 25–30%. UNext's corporate business, or business-to-business (B2B) upskilling, serves the banking, financial services, and insurance (BFSI) sectors and has trained and employed over 250,000 professionals.
The B2C online business is profitable by gross margin, and the company expects it to be positive on EBITDA starting from fiscal year 28. Singh told Business Standard: 'We will reach the break-even point by the end of this year, and we will be positive on EBITDA next year.'
Singh explained the company's relatively capital-efficient growth through three factors: late entry into the EdTech market, a technology-focused business model, and close collaboration with universities and colleges. UNext focused on providing technological infrastructure to educational institutions rather than building an independent consumer brand. This allowed it to leverage institutional brands, reduce customer acquisition costs, and avoid large advertising and marketing expenses.
Singh also noted that the company was mindful of the cost of growth and maintained high governance standards with the support of its parent company. He was previously part of the founding team of Zopper as Director of Business Development. In 2018, PhonePe acquired this local Point of Sale (POS) platform. He also held leadership positions at ICICI Prudential Life Insurance, HDFC Life, and IndusInd Nippon Life Insurance.
UNext is actively implementing artificial intelligence (AI). The company integrates AI across its entire learning platform: in marketing, content creation, product development, and workflow automation. Its internal learning management system, Lumen, uses AI for answering questions, automated quizzes, content summarization, and personalized educational paths.
According to Singh, AI is transforming higher education through personalized learning, improved course completion rates, and more frequent assessments. AI also helps students remain engaged and disciplined in online programs where learners must manage their own progress. The company applies AI in lead generation and voice interaction to reduce acquisition and matching costs for students to relevant courses.
Singh added: 'Thanks to the use of AI today, we can also create our content faster and update it promptly.' He predicts that AI will change how users access information, as users increasingly move from searching to curated answers. Singh believes that AI will complement, not compete with, EdTech platforms. He expects the impact to be more noticeable in higher education, where students possess the maturity to effectively utilize this technology. However, in schools, especially for children under 10–12 years old, social learning, discipline, and teacher-led instruction will remain important.
There are concerns that AI may negatively affect entry-level jobs prepared by EdTech company employees. Singh does not expect AI to completely eliminate these jobs; instead, he predicts a redistribution of roles and skills, leading to some job reductions and new ones emerging. He noted that large companies in India are currently using AI mainly for process optimization and cost reduction, rather than complete workforce replacement.
UNext will maintain its primary focus on India. Instead of aggressive global expansion, the company plans to deepen partnerships with universities, including potential collaborations with foreign institutions. It also plans to introduce specialized programs for working professionals. The company is entering offline segments by opening training centers for manufacturing, retail, and fast-moving consumer goods in Mumbai, Delhi-NCR, and Jaipur. UNext views physical training centers and instructor-led programs as a complement to its digital business. Its broader goal is to become a continuous learning partner in online, offline, and hybrid formats.
UNext views universities as partners and other EdTech companies as competitors. Among its immediate targets are Coursera, upGrad, Great Learning, and Simplilearn. The company may also consider acquisitions. The only current acquisition is Jigsaw Academy. Singh stated that the company will explore opportunities in higher education, technology, content, and related business models if they are strategically significant. In the near term, the company does not plan an initial public offering, focusing instead on long-term growth, market share expansion, and innovation. Singh concluded: 'We would like to remain a private company and continue to develop our strengths in higher education.'