Unacademy, the Indian edtech unicorn once valued at $3.4 billion, has been acquired by rival upGrad for approximately $206 million. The transaction, completed on September 1, 2026 as an all-stock share swap, represents a 94% decline from the company’s peak valuation. Unacademy was generating roughly 400 crore rupees (about $48 million) in revenue with approximately 900 crore rupees in cash, with most business units either profitable or near-profitable. The Competition Commission of India approved the deal in July 2026, and co-founder and CEO Gaurav Munjal will continue running Unacademy’s businesses under the upGrad umbrella. upGrad, which focuses on higher education and professional upskilling, gains a massive footprint in test preparation through the acquisition of Unacademy’s portfolio including PrepLadder and Graphy.
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