Unacademy

Edtech · India

Acquisition

upGrad completes all-stock acquisition of Unacademy for $206M

The edtech consolidation trades a pandemic-era paper valuation for a profitable-but-humbled business folded into a bigger platform.

• upGrad closed an all-stock acquisition of Unacademy, valuing the edtech company at roughly ₹19.55 billion ($206 million), first announced in March 2026.
• Unacademy, founded in 2015 and based in Bengaluru, runs test-prep platform PrepLadder, creator-monetization tool Graphy, and language app Airlearn, which has scaled to 10 million learners across 150 countries.
• Unacademy shareholders received upGrad equity in the 100% share-swap deal, while the company's angel investors were cashed out at closing.
• The $206 million price tag is about 94% below Unacademy's $3.44 billion peak valuation reached in 2021, despite the company holding roughly $95 million cash and $42 million in annual revenue at closing.
• CEO Gaurav Munjal said the deal wasn't driven by a cash crunch or forced sale, noting most business lines were already profitable or near-profitable and the company could have stayed independent.
• Unacademy raised over $830 million from backers including SoftBank, Peak XV Partners, Elevation Capital, Blume Ventures and Meta as it battled Byju's for pandemic-era edtech demand that later collapsed.
• The deal underscores how India's pandemic-inflated edtech valuations have reset dramatically, with even profitable survivors now settling for consolidation over standalone scale.