In a significant development in India’s edtech sector, Ronnie Screwvala-led upGrad has signed an agreement to acquire Unacademy through an all-stock, 100 percent share swap deal. The strategic move highlights the ongoing consolidation within the online education industry as companies seek stronger growth and innovation.
As part of the agreement, Unacademy co-founder Gaurav Munjal will continue to lead the company as CEO, where he will focus on expanding the platform’s online education offerings and global presence.
“Unacademy and upGrad have signed a term sheet for upGrad to acquire Unacademy in a 100 percent share swap deal. Neither side will disclose the valuation until closing, when the papers are filed and the transaction becomes public. I will be staying back as Co-Founder and CEO of Unacademy—with the goal to build great online products for learners in India and globally,” Unacademy CEO Gaurav Munjal said in a post on X.
Meanwhile, upGrad Co-Founder Ronnie Screwvala confirmed that the agreement includes a break fee clause, which would apply if the acquisition does not reach completion.
In addition, Munjal highlighted that Unacademy currently holds cash reserves of more than USD 100 million. He also explained that the company has recently restructured its operations, consolidating company-operated learning centers while partnering with franchise operators to improve efficiency.
Furthermore, Munjal pointed to the growing traction of Airlearn, the company’s global product, which is steadily gaining popularity in international markets such as the United States, Germany, and the United Kingdom.
“Unacademy helped invent the Modern EdTech Playbook. Along the way we lost some focus and market share, and the sector itself has not seen enough real product innovation in recent years. AI will fundamentally reshape education, and EdTech may become one of its biggest beneficiaries,” Munjal said, adding that the partnership with upGrad will allow the entity to “build great products from K12 to forever learning.”
The proposed acquisition of Unacademy by upGrad marks a major milestone in India’s evolving online education industry. By combining resources, technology, and market reach, the two companies aim to strengthen their position in both domestic and international markets.
The partnership expects to accelerate product innovation, AI-driven learning solutions, and global expansion while enabling the combined entity to build a comprehensive learning ecosystem—from K12 education to lifelong learning opportunities.
