How Will the upGrad-Unacademy Deal Reshape India’s Edtech Industry?
The acquisition of Unacademy by higher education platform upGrad has entered its final stage, with the all-stock transaction expected to close within the next three weeks, according to sources familiar with the matter.
Valued at approximately ₹1,955 crore, the deal marks one of the largest consolidation moves in India’s edtech sector. Most institutional and angel investors have already signed the required agreements, leaving only the final procedural formalities before the acquisition is completed.
The transaction follows regulatory approval from the Competition Commission of India (CCI) earlier this month, clearing the path for the merger.
Deal Valued at Around ₹1,955 Crore
According to sources, the acquisition will be completed through an all-stock transaction valued at around ₹1,955 crore.
The final valuation is slightly lower than the figure discussed when the acquisition was first announced earlier this year.
Sources added that:
- Almost all institutional investors have signed the Share Subscription Agreement (SSA).
- All angel investors have signed the Share Purchase Agreement (SPA).
With these approvals in place, only the remaining legal and procedural formalities are pending before the transaction officially closes.
Gaurav Munjal to Continue as CEO
Following the acquisition, Unacademy co-founder Gaurav Munjal will continue to lead the company as Chief Executive Officer.
Another notable aspect of the transaction is the inclusion of Airlearn, the language-learning platform incubated within Unacademy. Airlearn will also become part of the upGrad ecosystem after the merger.
The leadership continuity is expected to help ensure a smooth integration while maintaining the momentum of Unacademy’s core businesses.
Operations to Be Consolidated in Bengaluru
As part of its post-merger integration strategy, upGrad has begun consolidating the operations of multiple businesses.
According to sources:
- PrepLadder’s headquarters has already been shifted from Chandigarh to Bengaluru.
- Unacademy
- PrepLadder
- Airlearn
- Graphy
will all operate from Bengaluru going forward.
The consolidation is expected to improve operational efficiency, streamline management, and create stronger collaboration across the combined organisation.
Unacademy Investors to Get Board Representation
The transaction will also provide Unacademy’s existing investors with one board seat on upGrad’s board after the merger is completed.
The move ensures investor representation in the merged entity while strengthening governance as the combined business expands its presence across India’s education technology market.
A Major Consolidation in Indian Edtech
The acquisition is among the biggest consolidation deals in India’s edtech industry.
Once completed, the combined company will bring together:
- upGrad’s higher education and upskilling business
- Unacademy’s test preparation platform
- PrepLadder’s medical education business
- Graphy’s creator-focused learning platform
- Airlearn’s language learning offerings
The merger is expected to create a diversified education platform serving learners across professional education, competitive exams, medical preparation, and skill development.
Financial Performance of Both Companies
The two companies have reported contrasting financial performances in recent years.
Unacademy reported:
- Operating revenue: ₹826.3 crore in FY25
- Revenue decline: 16% year-on-year
Meanwhile, upGrad reported stronger financial momentum during the 11 months ended February 2026:
- Operating revenue: ₹1,531.7 crore
- Provisional profit: ₹38.8 crore
- EBITDA: ₹56.9 crore, turning EBITDA positive
The acquisition is expected to combine upGrad’s improving profitability with Unacademy’s strong brand and large learner base.
What’s Next?
With regulatory approvals secured and investor agreements largely completed, the ₹1,955 crore acquisition is expected to close within the next three weeks. The merger will create one of India’s largest integrated edtech platforms, spanning higher education, test preparation, medical learning, creator-led education, and language learning. Investors and industry observers will now watch how effectively upGrad integrates Unacademy’s operations while leveraging its improving financial performance to drive the next phase of growth.
