Ahead of upGrad merger, Unacademy's test-prep chief Sumit Jain resigns
What's the story
Sumit Jain, the CEO of Unacademy's test-prep business, has resigned from his full-time role. The decision comes ahead of a potential merger between Unacademy and upGrad Education. Jain will continue to work with the company in an advisory capacity after June 30, his last day in a full-time operating role. The transition comes as both Unacademy and upGrad have filed for merger approval with India's antitrust regulator, the Competition Commission of India (CCI).
Legacy
Jain joined Unacademy in 2020
Jain joined Unacademy in 2020 after the SoftBank-backed edtech firm acquired his start-up OpenTalk. He was appointed as the CEO of Unacademy's test-prep business last year. Gaurav Munjal, co-founder of Unacademy, praised Jain for his significant contributions to the company. He said Jain built two strong pillars for Unacademy: Graphy and their offline Business.
Impact
Munjal credits Jain for making Graphy a profitable business
Munjal highlighted Jain's role in making Graphy a profitable business for Unacademy. He also credited him with the acquisition of Spayee, its merger with Graphy, and scaling it. Munjal added that Jain helped make their offline business profitable by focusing on unit economics and eventually converting them into franchises. The proposed merger with upGrad is expected to strengthen the company's position in the online test-preparation space across various categories like UPSC, JEE, NEET, and GATE.