Edtech firm upGrad has signed a term sheet to acquire Unacademy in a 100% share swap deal.
Neither company will disclose the valuation until the transaction is formally closed and regulatory filings are made public, Gaurav Munjal, Co-founder and CEO of Unacademy, confirmed on X.
Unacademy and upGrad have signed a term sheet for upGrad to acquire Unacademy in a 100% share swap deal.
Neither side will disclose the valuation until closing, when the papers are filed and the transaction becomes public.
In the last one year, a lot has happened at Unacademy:…
— Gaurav Munjal (@gauravmunjal)
The development comes after earlier reports that upGrad had called off a potential deal to acquire Unacademy at approximately $290 million, citing valuation concerns and operational challenges within the SoftBank and Temasek-backed startup.
Amid the broader strategic reset, Unacademy has launched a ₹50 crore ESOP buyback programme to provide liquidity to current and former employees.
Meanwhile, Unacademy says its fundamentals remain stable. Over the past year, it has consolidated company-operated centres with franchise partners to sharpen its focus on online education products. Its first global offering, Airlearn, is gaining traction in the US, UK, Germany and Canada. Cash reserves currently stand at over $100 million.
Founded in 2015 by Munjal, Roman Saini and Hemesh Singh, Unacademy grew from a YouTube channel into a major test-prep and upskilling platform. The company has not yet reported FY25 results, but its FY24 standalone net loss narrowed by 82 per cent to ₹285 crore, even as operating revenue declined marginally to ₹716 crore.