New Delhi, Feb. 26 -- The acquisition of upGrad by bringing early-talent marketplace Internshala's entry into its ecosystem points to a structural shift in India's skilling market: platforms are no longer competing on courses; they are competing on outcomes.

Announced in Mumbai on February 26, the deal, structured as a 90% stock swap for an undisclosed amount, connects education, skilling, internships, and employment within one operating layer. The move reflects a growing industry focus on owning the career entry point rather than just the learning journey.

Founded in 2010, Internshala has built a community of more than 34 million registered users and 450,000 employers, with around 3 million active applicants annually. The platform draw...