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As the company weighs a move into test prep ahead of a 2027 IPO, the question is whether entering a category from which upGrad has consciously stayed away so far makes sense.

Four years after Bodhi Tree’s investment, the test-prep giant remains caught between a slowing legacy business and growth bets that are still in their infancy.
The math learning platform is growing fast and expanding globally. Success will depend on how smartly it can manoeuvre the very pitfalls that have crippled peers.
AI is set to disrupt the sector. While the path ahead looks tough for legacy publishers like S Chand Publishing and Arihant Publications, things don’t look encouraging for others in the industry either.