Acquisition · Education & Skilling
upGrad acquires Unacademy in all-stock swap deal
By Startup Enthusiast ·
- Date
- Company
- upGrad
- What it does
- Online education platform for professionals
- Kind
- Acquisition
- Amount
- ₹2,055 Cr
- Sector
- Education & Skilling
What they do
UpGrad buys Unacademy to enter the online test prep market and expand its course offerings
What happened
The ₹2,055 Cr all-stock swap values Unacademy at a 90% discount from its 2021 peak
Why it matters
This move consolidates the edtech sector after investor confidence dropped following the BYJU’S collapse
The details
- upGrad has filed for CCI approval to finalize its acquisition of Unacademy.
- The deal is an all-stock swap valued at ₹2,055 Cr (~$218 Mn).
- Unacademy CEO Gaurav Munjal will continue to lead the company post-acquisition.
- Unacademy holds cash reserves of ₹900-₹950 Cr at the time of closing.
- The valuation reflects a 90% cut from Unacademy’s peak value of $3.4 Bn in 2021.
- upGrad is raising an internal round of ~₹375 Cr from existing backers like Temasek.
- upGrad acquired Internshala in February 2026 and has bought over six firms since 2022.
- upGrad previously expressed interest in acquiring stressed assets from BYJU’S.
The bigger picture
- Edtech funding hit an 8-year low of $249 Mn in 2025.
- Investor confidence eroded significantly after the BYJU’S collapse.
- Demand for edtech services softened in the post-pandemic period.
- Unacademy shifted offline centers to a franchise model for efficiency.
About the business
- upGrad offers IIT/IIM courses, data science, and MBA programs.
- It partners with institutes like IIT Kharagpur and IIM Kozhikode.
- The platform provides Microsoft Generative AI certifications.
- Unacademy focuses on NEET/CAT prep and evolved from a YouTube channel.
- Unacademy trimmed its burn rate to <₹175 Cr in 2025.
- Unacademy generated a top line of ₹600 Cr in 2025.
- upGrad cites AI role in driving growth for the combined entity.
What happens next
- upGrad is raising ~₹375 Cr from existing backers.
- Integration of Unacademy verticals into upGrad's platform.
- Continued focus on AI-driven growth strategies.
The deal
- Type
- Acquisition
Investors
- Temasek (existing) — Holds ~22% stake in upGrad and ~5% in Unacademy.
- Blume Ventures (existing) — Investor in Unacademy.
- Peak XV Partners (existing) — Investor in Unacademy.
- Elevation Capital (existing) — Investor in Unacademy.
Founders
- Ronnie Screwvala, Founder
- Gaurav Munjal, Co-founder & CEO
More on upGrad
- upGrad completes all-stock acquisition of Unacademy Group1 September 2026 · Acquisition · $200 million
- upGrad reports FY26 results, loss halves again18 August 2026 · Results
- upGrad reports five times return on AI investment8 July 2026 · Analysis
- CCI approves upGrad acquisition of Unacademy for Rs 2,055 crore ($218 million)7 July 2026 · Acquisition · Rs 2,055 crore (~$218 million)
- upGrad appoints Mukesh Mundra as CFO26 May 2026 · People
- upGrad raises Rs 361 cr from Ronnie Screwvala and others20 May 2026 · Funding · Rs 361 cr (~$38 M)
- upGrad posts profit ahead of Unacademy merger20 May 2026 · Results · ₹38 Cr
- upGrad acquires Unacademy via share swap15 March 2026 · Acquisition
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