India’s upGrad, a Mumbai-based higher education and skilling company, acquired Bengaluru-based edtech startup Unacademy in an all-stock deal valued at about US$206 million, Unacademy co-founder and CEO Gaurav Munjal said on September 1.

The price is about 94% below Unacademy’s 2021 peak valuation of US$3.44 billion.

UpGrad co-founder and chair Ronnie Screwvala said Unacademy shareholders received upGrad shares, while angel investors were cashed out at closing.

The deal covers the entire Unacademy Group, including medical test-prep platform PrepLadder, creator platform Graphy, and language-learning app Airlearn.

Munjal will remain Unacademy’s CEO and continue leading the business, focusing on Unacademy’s online operations and Airlearn.

Unacademy cut 250 jobs in July 2024 as it restructured during India’s edtech downturn.

The acquisition also reflects consolidation in the sector after post-pandemic demand for online learning cooled.

🔗 Source: TechCrunch