Indian edtech company upGrad has completed its acquisition of Unacademy for just over $200 million, bringing together two prominent players in the country’s online education ecosystem. Unacademy co-founder and CEO Gaurav Munjal confirmed the completion of the transaction on September 1, following months of negotiations between the two companies.
The deal marks a significant change from Unacademy’s earlier valuation of $3.44 billion in 2021, representing a decline of more than 90% from its peak. The transaction was structured as a 100% share-swap deal, with Unacademy investors receiving shares in upGrad. The Competition Commission of India approved the combination in July 2026.
The acquisition gives upGrad a stronger presence in the online test-preparation segment, adding Unacademy’s offerings across areas such as UPSC, JEE, NEET and GATE to its existing portfolio of higher education, professional learning, study-abroad and upskilling programmes.
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Munjal will continue to lead Unacademy following the acquisition. He said the company had around ₹400 crore in topline, with most of its businesses profitable or close to profitability, along with approximately ₹900 crore in cash reserves.
The transaction reflects the continuing consolidation of India’s edtech industry, as companies focus on sustainable growth, profitability and broader learner offerings following the pandemic-era expansion.
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