Unacademy to be acquired by upGrad in share-swap deal as India’s edtech sector consolidates

On Sunday, Unacademy co-founder and CEO Gaurav Munjal said in a post on X that the companies had signed a term sheet for upGrad to acquire Unacademy in a 100% share-swap deal, adding that the valuation would not be disclosed until the transaction closes. The announcement comes more than three months after Munjal said that Unacademy’s valuation had dropped below $500 million — down roughly 85% from its pandemic-era peak of $3.5 billion in 2021.