The deal comes after Unacademy’s valuation plunged from $3.5B to under $500M, as India’s once-booming edtech sector struggles.

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upGrad is set to acquire Unacademy in a 100% share-swap deal, marking a significant consolidation in India's struggling edtech sector. Unacademy's valuation has plummeted roughly 85% from its 2021 pandemic-era peak of $3.5 billion to under $500 million. CEO Gaurav Munjal will continue leading Unacademy post-acquisition, while upGrad aims to strengthen its integrated education model spanning K-12, upskilling, and lifelong learning. The deal reflects broader sector turbulence: Byju's has entered insolvency, while Physics Wallah has turned profitable and gone public. Unacademy currently holds over $100 million in cash after restructuring, and Munjal has been separately building Airlearn, an AI-first language-learning app.

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

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