UpGrad to acquire Unacademy in ₹2,055cr all stock deal
UpGrad is set to buy Unacademy in an all-stock deal worth ₹2,055 crore, a big drop from Unacademy's $3.4 billion valuation back in 2021.
The deal also brings in Unacademy's cash reserves and needs a green light from the Competition Commission of India.
With both companies facing a tougher ed-tech market after the pandemic, this move signals a major shift for online learning in India.
Temasek backs UpGrad ₹375cr round
Talks kicked off last November, with a signed term sheet reached this March.
Both UpGrad and Unacademy share Temasek as an investor, which is also backing UpGrad's new ₹375 crore funding round to boost AI and B2B efforts.
Meanwhile, Unacademy, originally just a YouTube channel, is aiming for ₹400 crore revenue this year (down from ₹702 crore last year) and hopes joining forces with UpGrad will help steady its finances and future plans.