Mumbai, September 1: Higher education and professional skilling platform upGrad Education has completed the acquisition of rival Unacademy in an all stock deal valued at $200 million. The share swap transaction represents a steep 94% valuation markdown for Unacademy from its peak valuation of $3.44 billion made during the pandemic-era edtech boom in 2021.
“We raised at a peak, but sold at a fraction of that,” Unacademy’s CEO Gaurav Munjal said on X.
“I’m looking forward to the path ahead, and I am very sure that our shareholders will create immense value from the merger hereon. My heartfelt thanks to every employee who stayed when it would have been easier to leave. To everyone who worked with us in the past,” he added.
Six years ago today, Unacademy became a unicorn. Today, Unacademy has closed its acquisition by UpGrad for just over $200M. We raised at a peak, but sold at a fraction of that. I’m not going to dress these facts up. But I am proud of what this team did between those two numbers.…
— Gaurav Munjal (@gauravmunjal) September 1, 2026
The transaction comes after the Competition Commission of India (CCI) approved the acquisition and subsequent merger in July 2026, with co-founder and CEO Gaurav Munjal continuing to lead Unacademy as an operating unit within the combined company.
For upGrad, this offers immediate entry into the competitive test-preparation market, including UPSC, JEE, NEET, and GATE—complementing its existing core portfolio in online degrees, executive education, and study-abroad programs. upGrad can also leverage Unacademy’s technology infrastructure, extensive educator network, and its digital consumer app footprint, allowing Unacademy’s investors to participate in upGrad’s broader ecosystem, with upGrad’s CEO Gaurav Munjal hopeful of adding significant value for its shareholders going forward.
