Unacademy Acquisition News: In a significant acquisition deal in India's ed-tech segment, upGrad will acquire Unacademy in an all-stock, 100 per cent share swap deal, an Unacademy official said on Monday. Under the agreement, after being sold to Ronnie Screwvala-led edtech major, Unacademy co-founder Gaurav Munjal will continue to lead the company as CEO, focusing on online education products and global expansion.
In a social media post on X, Unacademy CEO Munjal said that the valuation of the deal would be disclosed once the transaction is done.
"Unacademy and upGrad have signed a term sheet for upGrad to acquire Unacademy in a 100 per cent share swap deal," Unacademy CEO Gaurav Munjal said in a post on X.
"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 Unacademy - with the Goal to build Great Online Products for Learners in India and Globally," Mumjal added.
Meanwhile, UpGrad Co-Founder Ronnie Screwvala also confirmed that they have signed a term sheet to acquire Unacademy in an all-stock deal.
"We have also agreed to a break fee were we not close. They disrupted the sector once, and now with AI they plan to do it again. We are already seeing Airlearn gain global traction. If this closes. upGrad’s integrated model with an expanded focus from K12 to forever learning will be on a strong trajectory," Ronnie wrote.
Munjal said Unacademy currently has cash reserves of more than US$100 million and has recently refocused its operations by merging company-operated centres with franchise partners.
He also noted that the growth of the company’s global product, Airlearn, is currently gaining traction in markets such as the US, Germany, and the UK.
According to Munjal, Unacademy has helped find the modern edtech playbook. "We've lost some attention and market share along the way, and the sector hasn't seen enough real product innovation in recent years," he said.
“AI is fundamentally reshaping education and edtech could be one of the biggest beneficiaries,” Munjal said, noting that the partnership with Upgrade will allow the company to “build great products from K12 to forever learning”.