UpGrad, Unacademy receive CCI approval for all-stock merger valued 2,055cr
Business
UpGrad and Unacademy, two big names in Indian edtech, just got the go-ahead from the Competition Commission of India to merge.
This all-stock deal values Unacademy at ₹2,055 crore ($218 million) and lets UpGrad step into the online test-prep space, a pretty major move for both companies after months of waiting.
UpGrad hopes about 500cr revenue boost
Unacademy's valuation has taken a big hit since its pandemic highs, but it still brings nearly ₹950 crore in cash to the table, something UpGrad clearly finds valuable.
UpGrad hopes this merger will add about ₹500 crore to its revenues and give shareholders a stake in a bigger, more resilient company.
The deal highlights how India's edtech scene is shifting gears and focusing on long-term growth over quick wins.