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India’s Unacademy sells to rival upGrad for $206M, about 94% less than its peak valuation

TechCrunchSeptember 1, 20263 min read

"We raised at a peak, but sold at a fraction of that," Unacademy co-founder and CEO Gaurav Munjal wrote. "I'm not going to dress these facts up."

Unacademy, once one of India’s most valuable edtech startups, has been acquired by rival upGrad at a valuation of just over $200 million, about 94% less than its 2021 peak valuation. The all-stock deal values Unacademy at ₹19.55 billion (about $206 million), upGrad’s co-founder and chairperson Ronnie Screwvala told TechCrunch. Unacademy shareholders are receiving upGrad shares as part of the transaction, while angel investors…

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