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India's upGrad Acquires Unacademy in All-Stock Deal

On Sunday, Unacademy CEO Gaurav Munjal announced that edtech major upGrad signed a term sheet to acquire Unacademy in a 100% share-swap deal, uniting two major online learning platforms in India.
India's edtech sector has struggled since pandemic-era lockdowns eased, prompting Unacademy to cut costs, scale back offline ambitions, and refocus on core digital products after losing market share in recent years.
UpGrad co-founder Ronnie Screwvala confirmed Munjal will continue leading Unacademy, which holds more than $100 million in cash reserves, to build online education products for learners in India and globally.
Combining upGrad's integrated higher education platform with Unacademy's test preparation strengths creates a broader lifelong learning ecosystem, with both companies agreeing to an undisclosed break fee if the deal fails.
Artificial intelligence could unlock a new wave of innovation in education technology, Munjal argued, as he directs increasing attention to Airlearn, an AI-first language-learning app gaining traction globally.

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upGrad To Acquire Unacademy in All-Stock Deal, Gaurav Munjal To Continue as CEO

upGrad has signed a term sheet to acquire Unacademy in an all-stock share-swap deal. Announced March 15, 2026, the merger keeps Gaurav Munjal as CEO of Unacademy. This major consolidation aims to combine upGrad’s higher-ed strength with Unacademy’s test-prep reach, focusing on AI-driven innovation and global products like Airlearn. upGrad To Acquire Unacademy in All-Stock Deal, Gaurav Munjal To Continue as CEO.

1 day ago

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The New Indian Express

Lean Left

upGrad to acquire Unacademy in all-stock deal; Gaurav Munjal to stay on as CEO

The transaction will be executed as a 100% share swap, though both companies said the valuation will not be disclosed until the deal closes and the transaction

1 day ago·India

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TechCrunch

+2 Reposted by 2 other sources

Center

Unacademy to be acquired by upGrad in share-swap deal as India’s edtech sector consolidates

The deal comes after Unacademy’s valuation plunged from $3.5B to under $500M, as India’s once-booming edtech sector struggles.

1 day ago·United States

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India Today

Lean Right

upGrad to acquire Unacademy in all-stock deal, Gaurav Munjal to remain CEO

The acquisition signals a major consolidation in India's online education space, bringing together two leading edtech players under a unified, AI-driven growth strategy.

1 day ago·India

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Live Mint

Center

upGrad signs term sheet to acquire Unacademy in all-stock deal

The deal between upGrad and Unacademy brings together two of India’s most prominent edtech platforms at a time when the sector is grappling with slower growth and tighter capital availability.

1 day ago·New Delhi, India

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Moneycontrol

Lean Right

UpGrad signs term sheet to acquire Unacademy in all-stock deal; Gaurav Munjal to remain CEO

The companies will combine through a 100% share swap, with the valuation to be disclosed only after the deal closes, founders Ronnie Screwvala and Gaurav Munjal said.

1 day ago·India

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