Ronnie Screwvala-led upGrad has completed its acquisition of edtech platform Unacademy for just over $200 million, according to Unacademy co-founder and CEO Gaurav Munjal.
Announcing the development in a post on X on September 1, Munjal said that Unacademy, which once commanded a peak valuation of $3.44 billion, was eventually sold for a fraction of that amount.
The acquisition brings an end to months of negotiations between the two companies. Sources reported in November 2025 that upGrad was in discussions to acquire Unacademy in a deal valued between $300 million and $400 million. The talks reportedly stalled several times over valuation differences before resuming.
In March, it was reported that upGrad had signed a term sheet to acquire Unacademy through an all-stock transaction, with Munjal expected to continue leading the company as CEO. The Competition Commission of India approved the proposed combination in July, clearing a major regulatory hurdle.
Unacademy became a unicorn six years ago and witnessed rapid growth during the pandemic-driven edtech boom. However, as the sector faced challenges in the post-pandemic period, the company scaled back operations and shifted its focus towards building a more sustainable business.
Munjal said Unacademy currently generates around ₹400 crore in topline revenue, with most of its businesses either profitable or close to profitability. The company also has approximately ₹900 crore in cash reserves.
According to Munjal, Unacademy had sufficient resources to continue operating independently, and the decision to merge with upGrad was not driven by a shortage of capital. Instead, he described the combination as an opportunity to pursue a more exciting growth path.
The acquisition will help upGrad expand into the online test-preparation market, a segment where it previously had no presence. Unacademy brings established offerings across competitive examination categories, including UPSC, JEE, NEET, and GATE.
The addition complements upGrad’s existing portfolio, which spans higher education, professional upskilling, certification programmes and study-abroad services.
The deal comes shortly after upGrad raised ₹360 crore through an internal funding round, with Ronnie Screwvala contributing ₹300 crore. Temasek, IFC, and 360 One also participated in the funding round.
