Mumbai: Edtech major upGrad has signed a term sheet to acquire rival learning platform Unacademy in an all-stock deal, marking one of the most significant consolidation moves in India’s edtech sector.
According to multiple media reports, the proposed transaction will be structured as a share-swap (all-stock) deal, though the valuation of the acquisition has not been publicly disclosed. If completed, the deal would bring together two of the country’s prominent online education companies amid ongoing consolidation in the sector.
We at upGrad have signed a term sheet to acquire Unacademy in an all-stock deal, with Founder and CEO @gauravmunjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love. We have also agreed to a break fee were we not…
The acquisition is being led by Ronnie Screwvala’s upGrad, which focuses on higher education, professional upskilling, and university partnerships. Meanwhile, Unacademy—co-founded by Gaurav Munjal—has built a large user base in competitive exam preparation and online learning.
Reports indicate that Gaurav Munjal is expected to continue in a leadership role, potentially remaining CEO of Unacademy after the transaction, although final details will depend on the closing terms of the agreement.
Industry Context
The deal reflects a broader restructuring within India’s edtech industry, which has seen slower funding inflows and increased pressure on startups to achieve profitability following the post-pandemic correction in online education demand.
Key Highlights
upGrad signs term sheet to acquire Unacademy
Transaction structured as an all-stock/share-swap deal
Valuation not publicly disclosed
Gaurav Munjal likely to continue in leadership
Deal signals ongoing consolidation in India’s edtech sector
If finalized, the acquisition could significantly expand upGrad’s presence across both higher education and test-preparation segments, creating a broader integrated edtech ecosystem.
