Gaurav Munjal steps down as CEO of Unacademy
What's the story
Gaurav Munjal has stepped down as the Chief Executive Officer of edtech company Unacademy. He will now serve as the Executive Chairman of the firm. Akhilendra Kumar will be taking over as the new CEO. Munjal assured that he would continue to be actively involved in the day-to-day operations of Unacademy. He said he would work closely with Kumar on business reviews and key decisions.
Leadership transition
Munjal trusts Kumar's leadership
Munjal expressed confidence in Kumar's leadership abilities, citing his understanding of the business, work ethic, and commitment to learners and employees.
He said, "Akhilendra has earned this. Many of you have seen how he thinks, how hard he works and how much he cares about our learners and our people. I trust him completely."
Acquisition details
Leadership change follows upGrad's acquisition of Unacademy
The leadership change comes after Ronnie Screwvala-led upGrad acquired Unacademy for just over $200 million.
The all-stock transaction valued Unacademy at a steep discount of nearly 94% from its peak valuation of around $3.4 billion in 2021.
Under the deal, Unacademy's shareholders were given shares in upGrad, while the brands and businesses of the acquired company were retained.
Future plans
Focus on profitable growth and operational execution
Under Kumar's leadership, Unacademy will focus on profitable growth and operational execution. The company will also continue its shift toward online education products and franchise-led models. Munjal's move to Executive Chairman comes as upGrad prepares for a potential stock market listing (IPO).