upGrad to Acquire Unacademy in All-Stock Deal

Edtech company upGrad has signed a term sheet to acquire rival Unacademy in an all-stock transaction valued through a 100 percent share swap, the firms announced on March 15, 2026. The deal, which aims to consolidate two key players in India's online education sector, will see Unacademy cofounder and CEO Gaurav Munjal remain in his role to lead efforts in developing digital learning products for domestic and international markets.

The agreement includes a break fee provision should the acquisition fail to close, though neither company disclosed the valuation at this stage. Details will become public only upon completion of the transaction and regulatory filings. Ronnie Screwvala, cofounder and chairperson of upGrad, confirmed the move in a statement on X, emphasizing Munjal's continued leadership. "We at upGrad have signed a term sheet to acquire Unacademy in an all-stock deal, with Founder and CEO Gaurav Munjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love," Screwvala said. "We have also agreed to a break fee were we not to close."

For Unacademy, the past year has involved significant restructuring to sharpen...