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

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

Mar. 15, 2026 at 5:19pm by Ben Kaplan

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Unacademy, once one of India's most valuable edtech startups, is set to be acquired by rival upGrad in an all-stock deal that would bring together two major online learning platforms in the country. The announcement comes after Unacademy's valuation dropped by around 85% from its pandemic-era peak of $3.5 billion in 2021, as India's once-booming edtech sector has struggled since lockdowns eased and students returned to classrooms.

Why it matters

The acquisition highlights the consolidation happening in India's edtech sector, which expanded rapidly during the pandemic but has since faced cooling demand and financial challenges. The deal could strengthen upGrad's integrated model spanning K-12 education, upskilling, and lifelong learning, while allowing Unacademy to refocus on its core online learning products after a period of aggressive expansion.

The details

Under the terms of the deal, upGrad will acquire Unacademy in a 100% share-swap transaction, though the final valuation will not be disclosed until the transaction closes. Unacademy co-founder and CEO Gaurav Munjal will continue leading the company after the acquisition. The companies have also agreed to an undisclosed break fee if the deal does not close.

  • Unacademy's valuation dropped below $500 million in late 2025, down from a peak of $3.5 billion in 2021.
  • The deal announcement was made on March 15, 2026.

The players

Unacademy

A prominent Indian edtech startup that emerged as one of the country's most valuable edtech companies during the pandemic, but has since struggled as demand for online learning cooled.

upGrad

An Indian online learning platform that is acquiring Unacademy in an all-stock deal, strengthening its integrated model spanning K-12 education, upskilling, and lifelong learning.

Gaurav Munjal

The co-founder and CEO of Unacademy, who will continue leading the company after the acquisition by upGrad.

Ronnie Screwvala

The co-founder of upGrad, who announced the deal and said Munjal will continue leading Unacademy.

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What they’re saying

“Unacademy helped invent the modern edtech playbook. Along the way we lost some focus and market share, and the sector itself has not seen enough real product innovation in recent years.”

— Gaurav Munjal, Co-founder and CEO, Unacademy

“Unacademy currently holds more than $100 million in cash reserves after spending the past year consolidating company-operated offline centers with franchise partners and refocusing on its core online learning products.”

— Gaurav Munjal, Co-founder and CEO, Unacademy

What’s next

The deal is expected to close in the coming months, subject to regulatory approvals and other closing conditions.

The takeaway

The acquisition of Unacademy by upGrad underscores the challenges faced by India's once-booming edtech sector, as companies that expanded aggressively during the pandemic now struggle to adapt to changing market conditions. The deal could help strengthen upGrad's position in the market, while allowing Unacademy to refocus on its core online learning products.