Ronnie Screwvala says upGrad did meet Unacademy’s backers but stressed that talks haven’t progressed into a formal transaction
Reports suggest any acquisition would be priced far below Unacademy’s 2021 valuation
The edtech firm itself has been restructuring, trimming non-core units and focusing on test-prep as growth cools post-pandemic
Amid ongoing speculation that upGrad is eyeing Unacademy, cofounder Ronnie Screwvala confirmed that he recently met the edtech’s investors and founders regarding the same, but no transaction is currently being materialised, he told The Economic Times in an exclusive interview.
He noted that discussions don’t always get converted into a deal, but the company continues to hold “meaningful brand equity”. Screwvala pointed to its strong recall among learners, while highlighting its USPC segment and PrepLadder as standout businesses.
31 October 2025
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MoneyControl was the first to report on the development earlier this month. The report revealed that the two edtech companies are expected to sign the deal in the coming three weeks. If the deal materialises, the test-prep platform will be valued at about $300-$400 million.
This represents a huge drop from Unacademy’s last known valuation. When the edtech platform raised funding in 2021, it was valued at approximately $3.4 billion, the report said.
The deal may work in upGrad’s favour when it heads for an IPO (initial public offering) next year. A diversified business mix could help the company secure a higher valuation as bankers may price it more favourably during pre-IPO fundraising and the offering itself.
The acquisition reports came months after Unacademy’s founders Gaurav Munjal and Roman Saini planned to step back from day-to-day operations and spin-off AirLearn as a standalone venture.
Founded in 2015, Unacademy gained prominence during the Covid-19 pandemic and became one of India’s most popular edtech unicorns with backing from marquee investors, including General Atlantic, SoftBank, and Temasek.
Temasek, Singapore’s state investment arm, features prominently across India’s edtech landscape. The company led Unacademy’s $440 million Series H fundraise in August 2021, which pegged the start-up’s valuation at $3.44 billion.
In addition, the investor is also a major backer of upGrad, having pumped in $120 million in 2021 and another $60 million in October 2024, and is listed among its largest shareholders.
As post-pandemic demand softened and competition grew, Unacademy scaled back operations, exited non-core businesses, and shifted its focus to offline test-prep through Unacademy Centres.
In FY24, the company posted revenue of ₹839 crore, a 7% year-on-year decline, while managing to reduce net losses by 62% to ₹631 crore.
