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After differences over valuation, upGrad to buy Unacademy finally; deal size undisclosed
- IBJ Bureau
- Mar 16, 2026
Edtech company upGrad has signed a term sheet to acquire rival Unacademy in an all-stock transaction, founders Ronnie Screwvala and Gaurav Munjal have announced in separate posts on the X.
The proposed acquisition will be executed through a 100 per cent share swap, Mr Munjal has said. Valuation of the deal will be disclosed only after the transaction closes and regulatory filings are completed, he has added.
UpGrad had been eyeing Unacademy for some time, though earlier negotiations had stalled over differences in expectations over valuation. Initial discussions centred on an all-stock deal that had pegged Unacademy’s value at around $300 million, marking a steep decline of more than 90 per cent from its peak valuation of $3.4 billion.
“We at upGrad have signed a term sheet to acquire Unacademy in an all-stock deal, with founder and CEO Gaurav Munjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love,” Mr Screwvala has written.
Mr Munjal has added that if the deal is completed, he will continue as co-founder and CEO of Unacademy, focusing on building online education products for learners in India and global markets.
Highlighting developments over the past year, Mr Munjal has said that Unacademy has consolidated company-run centres with franchise partners, completed a Rs 50-crore employee stock ownership plan (ESOP) buyback and expanded its language-learning platform Airlearn, which is gaining traction in markets, such as the US, the UK, Germany and Canada. He has also said that the company currently holds cash reserves of more than $100 million.
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