Mesa School of Business Raises Rs 110 Crore in Series A at Rs 385 Crore Valuation
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Khushi Jain
- October 13, 2026
Bengaluru-based Mesa School of Business has raised Rs 110 crore ($11.4 million) in a Series A funding round comprising debt and equity. The round values the business school at Rs 385 crore ($40 million) post-money, cofounder Ankit Agarwal told Inc42.
The Rs 85 crore equity round was co-led by Dharana Capital and existing investor Elevation Capital. The remaining Rs 25 crore was raised through venture debt from InnoVen Capital and Alteria Capital.
Mesa plans to use the fresh capital to strengthen its leadership team, integrate artificial intelligence (AI) into its programmes, deepen partnerships with startups and launch new courses.
Founded in 2023 by Ankit Agarwal and Varun Limaye, Mesa offers on-campus educational programmes for individuals. It currently runs three full-time programmes targeting early-career professionals, fresh graduates and undergraduate students.
The one-year postgraduate programme for experienced professionals carries tuition fees of Rs 25.4 lakh. The one-year Forge programme for fresh graduates starts at Rs 15.4 lakh, while the four-year undergraduate programme costs Rs 48 lakh.
Mesa Focuses on Training Talent for Startups
Despite being one of India’s fastest-growing employment segments, the startup ecosystem continues to face a talent gap. According to Agarwal, the shortage is particularly acute in non-technical roles, which account for nearly 80% of jobs in the sector.
While graduates from premier institutions often have established recruitment pathways into startups, students without access to such networks lack a structured route into the ecosystem, Agarwal said.
“If you want to go and work in a startup, there is no one place which sort of builds the right network,” he said.
Unlike conventional business schools, Mesa does not employ full-time faculty. Instead, startup founders, executives and industry experts design and deliver its curriculum. Around 2,000 industry professionals have interacted with its students in some capacity, Agarwal said.
“The institutions just don’t have the capability or the incentives to keep changing their curriculum and to keep it super agile over time, and that’s where we felt that we should come in and create talent for the startup ecosystem across levels and functions,” Agarwal said.
Programme Fees Drive Revenue
Mesa generates most of its revenue from programme fees, which it collects annually and largely in advance.
The postgraduate programme for experienced professionals contributes around 40% of revenue, while the undergraduate programme accounts for 35-40%. The programme for fresh graduates contributes around 20%, according to Agarwal.
Although the startup has yet to achieve profitability, Agarwal said most of its programmes are approaching operational breakeven.
Mesa claims to have grown its business around 2.5X annually over the past two years. Agarwal expects it to maintain a similar growth pace in the coming years.
Mesa Reports 300 Alumni Across More Than 120 Startups
Mesa claims that its first three postgraduate cohorts have produced around 300 alumni, who have joined more than 120 startups. Its graduates work across founders’ offices, product management, partnerships, account management and venture capital.
According to Agarwal, the postgraduate programme for experienced professionals reports average salaries of Rs 26-28 lakh per annum (LPA).
The school has also incubated more than 50 student startups, which have generated Rs 50 crore in annual revenue, Agarwal claimed. Mesa also provides equity-free grants and incubation support to student ventures.
Previous Funding and Competitive Landscape
The latest funding round comes three years after Mesa raised Rs 34 crore in a round led by Elevation Capital in 2023 to launch its startup leadership programme. Angel investors, including CRED’s Kunal Shah, Meesho’s Vidit Aatrey and Urban Company’s Abhiraj Bahl, also participated in that round.
Mesa operates in the emerging alternative business education segment. Its most direct competitor is Gurugram-based Masters’ Union, which combines industry-led management programmes with entrepreneurship support. Masters’ Union recently received full university status from the Haryana government.
Other players in the reskilling and upskilling segment include upGrad, Great Learning, Masai School, Eruditus and Springboard.
FAQs
1. How much funding has Mesa School of Business raised in its Series A round?
Mesa has raised Rs 110 crore ($11.4 million) through a combination of equity and venture debt.
2. What is Mesa School of Business’s post-money valuation?
The funding round valued Mesa at Rs 385 crore ($40 million) post-money.
3. Who invested in Mesa’s Series A round?
Dharana Capital and Elevation Capital co-led the Rs 85 crore equity round. InnoVen Capital and Alteria Capital provided the remaining Rs 25 crore through venture debt.
4. How does Mesa plan to use the fresh funding?
Mesa plans to strengthen its leadership team, integrate AI into its programmes, deepen startup partnerships and launch new courses.
5. How many alumni and student startups does Mesa report?
Mesa says its first three postgraduate cohorts have produced around 300 alumni who have joined more than 120 startups. It has also incubated more than 50 student startups.
