In recent years, India has become home to one of the fastest-growing test preparation or coaching for “high-stakes examination” industries in the world. In this paper, collating data from various sources, we demonstrate its growth, explore the potential factors fuelling it, and argue that it contributes to the perpetuation of deeply ingrained inequalities in the Indian society. Seeing these trends as symbolic of the transformation of higher education into a tradable commodity, we highlight the limited attempts by the state in developing a robust regulatory environment despite increasing recognition of associated problems.