The all-share transaction brings Unacademy’s education businesses into UpGrad’s portfolio, marking a significant reset from its 2021 peak valuation.
Edtech major UpGrad has completed its acquisition of Unacademy in a deal valued at more than $200 million, or approximately Rs 1,955 crore.
The transaction has been structured entirely as a share swap, with Unacademy’s existing investors receiving shares in UpGrad. The deal represents a sharp decline from Unacademy’s $3.4-billion valuation in 2021, reflecting the broader correction in India’s edtech sector following the pandemic-era boom.
Unacademy co-founder and CEO Gaurav Munjal will continue to lead the business. He said the company has an annual topline of around Rs 400 crore, with most of its businesses either profitable or nearing profitability, while maintaining around Rs 900 crore in cash reserves.
The acquisition also brings AirLearn, Unacademy’s language-learning business, into UpGrad. Unacademy, PrepLadder, AirLearn and Graphy will operate from Bengaluru following the integration, with PrepLadder shifting its headquarters from Chandigarh.
The transaction follows months of discussions between the two companies. Initial talks began in November 2025 but stalled over valuation before restarting in March 2026, when the companies signed a term sheet.
The Competition Commission of India approved the merger on July 7.
Unacademy has also completed a Rs 45-crore employee stock option exercise, with around 1,000 former employees participating.
For UpGrad, the acquisition expands its presence in online test preparation while adding Unacademy’s wider education ecosystem to its growing edtech portfolio.
