upGrad has signed a term sheet 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," Unacademy founder Gaurav Munjal tweeted on Sunday.
"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," Munjal added.
upGrad co-founder Ronnie Screwvala said his firm also agreed to a break fee if the deal is not closed. "If this closes. upGrad's integrated model with an expanded focus from K12 to forever learning will be on a strong trajectory," Screwvala added.
"We at upGrad have signed a term sheet to acquire Unacademy in an all-stock deal, with Founder and CEO @gauravmunjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love," he added.
In January, UpGrad had called off a deal to acquire Unacademy at a valuation of around $290 million, citing valuation concerns and various business-related challenges within the Temasek and SoftBank-backed startup, according to sources.
Sources said that UpGrad changed its mind after realising the business of Unacademy is shrinking and there is fierce competition around the offline centre business of the edtech firm, which will require massive investments.
Unacademy and upGrad have signed a term sheet for upGrad to acquire Unacademy in a 100% share swap deal.
— Gaurav Munjal (@gauravmunjal) March 15, 2026
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:…
This coming together will strengthen upGrad's integrated model, with Unacademy under your leadership focusing on what it does best, building great online products. Looking forward to closing this. And Yes The Whole is Bigger than the Sum of Parts is our firm belief https://t.co/60WulJCIxV
— Ronnie Screwvala (@RonnieScrewvala) March 15, 2026
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