upGrad signs term sheet to acquire Unacademy in all-stock deal; Gaurav Munjal to continue as CEO

upGrad has signed a term sheet to acquire rival edtech platform Unacademy in an all-stock transaction, marking a significant consolidation move in India’s edtech sector. As part of the proposed deal, Unacademy co-founder Gaurav Munjal will continue to lead the company as CEO.

Announcing the development on X, upGrad chairman Ronnie Screwvala said the agreement has been structured as a share-swap transaction and confirmed that Munjal will remain responsible for steering Unacademy’s product and growth strategy.

Screwvala added that Unacademy will continue focusing on building high-quality online learning products, an area where the platform has historically demonstrated strong innovation. He also noted that both companies have agreed to a break fee clause should the transaction not close.

Highlighting Unacademy’s recent momentum, Screwvala pointed to the early global traction of its learning product Airlearn. According to him, the platform previously disrupted the edtech landscape and is now looking to do so again with AI-driven learning solutions. If the deal goes through, he said, upGrad’s integrated model spanning K-12 and lifelong learning will gain further scale and strategic depth.

Confirming the announcement, Munjal stated that both companies have signed a term sheet for a 100% share-swap acquisition. He added that the valuation of the deal will not be disclosed until the transaction is finalised.

Munjal also highlighted key developments at Unacademy over the past year, including the consolidation of company-operated centres with franchise partners and a ₹50-crore ESOP buyback, in which nearly 40% of former employees have already participated. The company currently holds cash reserves of over $100 million, he said.

He further noted that Airlearn, Unacademy’s first global product, is gaining traction across international markets including the United States, United Kingdom, Germany and Canada.

“I will continue as co-founder and CEO of Unacademy with the goal of building great online learning products for learners in India and globally,” Munjal said.