UpGrad to Acquire Unacademy in 100% Share Swap Deal; Gaurav Munjal to Continue as CEO

Ronnie Screwvala-led edtech major upGrad is set to acquire Unacademy in an all-stock, 100% share swap deal.

Under the agreement, Unacademy co-founder Gaurav Munjal will continue to lead the company as CEO, focusing on online education products and global expansion.

“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. I will be staying back as Co-Founder and CEO Unacademy - with the Goal to build Great Online Products for Learners in India and Globally,” Unacademy CEO Gaurav Munjal said in a post on X.

upGrad Co-Founder Ronnie Screwvala said the deal includes a "break fee" should the acquisition fail to close.

Munjal noted that Unacademy currently holds cash reserves of over $100 million and has recently refocused its operations by consolidating company-operated centers with franchise partners.

He also noted the growth of Airlearn -- company’s global product -- currently gaining traction in markets like the US, Germany, and UK.

"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. AI will fundamentally reshape education, and EdTech may become one of its biggest beneficiaries," Munjal said, adding that the partnership with upGrad will allow the entity to "build great products from K12 to forever learning."