Acquisition · Education & Skilling

CCI approves upGrad acquisition of Unacademy for Rs 2,055 crore ($218 million)

What they do

UpGrad is an online higher education and upskilling platform founded in 2015

The Competition Commission of India approved the acquisition of Unacademy for Rs 2,055 crore

The transaction creates India's first combination of two edtech unicorns

The Competition Commission of India approved upGrad's acquisition of Unacademy shareholding.
upGrad filed the merger application with the regulator in May 2026.
A term sheet for the acquisition was signed in March 2026.
The total deal value stands at Rs 2,055 crore or approximately $218 million.
This transaction creates India's first combination of two edtech unicorns.
upGrad merged into upGrad Education Pvt Ltd as part of the deal structure.
Ronnie Screwvala led the company through this significant consolidation phase.
The approval marks the final regulatory step for the major industry merger.

The merger brings together two major players in the Indian online learning space.
It signals a consolidation trend among previously high-growth technology startups.
Regulatory approval clears the path for operational integration of both platforms.
The combined entity aims to leverage scale across test prep and professional education.

upGrad offers courses in IIT/IIM programs, AI, and Data Science.
The platform provides MBA, Cybersecurity, and Study Abroad educational options.
upGrad partners with premier institutes like IIT Kharagpur and IIM Kozhikode.
International partners include ISM Germany and Northeastern University.
Corporate partnerships involve tech giants like Microsoft for course delivery.
Unacademy focuses on test prep and professional education for students.
Both companies operate primarily in the digital higher education sector.
The business model relies on course fees from enrolled learners nationwide.
upGrad targets working professionals seeking career advancement through certified programs.

Temasek (participated) — Singaporean state investment corporation.
International Finance Corporation (IFC) (participated) — Global development institution focused on private sector growth.
360 ONE Opportunities Fund (participated) — Investment fund managed by 360 ONE.