Edtech startup Masai targets Rs 450 crore revenue in FY27

Bengaluru-based upskilling startup, Masai (formerly Masai School), is working towards being IPO-ready over the next 24 months, with preparations expected to begin in the FY27–FY28 window. The edtech firm is also targeting approximately Rs 450 crore revenue for FY27, driven by growth in enterprise training and continued expansion of its institutional programmes.

Notably, in FY25, the Omidyar-backed startup crossed the Rs 100 crore revenue milestone. In FY26, it claims to have seen a growth of 60–70%, with B2B becoming a key driver. For the firm, FY26 has also been a year of strengthening its outcome-led learning infrastructure, it says. A key innovation has been simulated adaptive learning (SAL), which creates live, adaptive learning environments where pace and difficulty adjust in real time while maintaining cohort integrity.

Alongside this, it also introduced a multilingual AI tutor and an AI interviewer that simulate real-world problem-solving and hiring scenarios. “The broader focus has been on improving how learning translates into real capability, rather than just completion,” Prateek Shukla, co-founder and CEO Masai, told Fe.

AI-Driven Pedagogy

The next phase of growth for the firm will be centred around scaling outcomes through three key levers. First, expanding its partnerships business with IITs, IIMs, and enterprises, which continues to be a primary growth driver for the firm. Second, deepening outcome-linked models, including placement-led programmes. Third, strengthening its product layer with AI-led tools. “Together, these allow us to operate as a more integrated system, combining institutional credibility, outcome accountability, and scalable delivery,” Shukla added.

Masai’s last fundraise was a Series B in 2022 from India Quotient and ON Mauritius, taking total capital raised to $13 million. The capital was deployed across three areas, including expanding its institutional partnerships with IITs, IIMs, and BITS, strengthening its technology infrastructure, and scaling learner acquisition.

The firm has been profitable since January 2025 and expects to maintain and improve margins as its scales. It will be focusing on working with partners who can accelerate distribution and institutional scale. “The focus now is on sustaining and improving margins as we scale. This is being driven by a more balanced mix of B2C and enterprise training, along with disciplined unit economics and institutional diversification,” Shukla added. The firm also plans to enter the Middle East and Southeast Asia where Indian institutional brands such as IITs and IIMs carry strong credibility.

Path to Public Markets

Talking about the competition in the upskilling segment within edtech, Shukla said that at a surface level, the certification and upskilling space appears crowded, but if we look at outcome accountability, it is still a relatively underpenetrated segment. “What differentiates us is not content, but the ecosystem — a network of 22 Institutes of National Importance, including IITs and IIMs, combined with strong employer relationships across 2,500+ companies ,” he added.