New Delhi: Indian edtech major upGrad is set to acquire rival Unacademy in an all-stock deal, bringing together two prominent online learning platforms in the country.
The acquisition will be completed through a 100 percent share-swap arrangement.
Unacademy co-founder and CEO Gaurav Munjal confirmed the development in a post on X, stating that both companies have signed a term sheet for the proposed transaction. The deal is expected to combine their digital learning platforms and expand their reach across multiple education segments.
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.
In the last one year, a lot has happened at Unacademy:…
— Gaurav Munjal (@gauravmunjal) March 15, 2026
UpGrad co-founder Ronnie Screwvala said Munjal will continue to lead Unacademy after the acquisition. He added that the merger would strengthen upGrad’s integrated education model that covers K-12 learning, professional upskilling, and lifelong education.
Founded in 2015, Unacademy grew rapidly during the COVID-19 pandemic as millions of students turned to online learning during lockdowns. The company became one of India’s most prominent edtech startups during that period. However, as schools and coaching institutes reopened, demand for online learning cooled. In response, Unacademy began reducing costs, laying off employees, and scaling back some of its offline expansion plans while focusing again on its core digital education products.
The proposed acquisition signals further consolidation in India’s evolving edtech sector.
