upGrad’s Unacademy Acquisition Nears Close: Deal Value, Structure and What Changes Next

upGrad’s acquisition of edtech platform Unacademy has entered its final phase, with the transaction expected to close within the next three weeks, according to sources cited by Entrackr. The all-stock transaction has been pegged at around Rs 1,955 crore. Entrackr reports that the current deal value is slightly lower than the valuation discussed when the deal was announced earlier this year.

The reported progress indicates that the transaction is now focused on final formalities rather than core deal negotiations. The deal has also received regulatory clearance from the Competition Commission of India, which Entrackr says has paved the way for completion.

According to the report, almost all institutional investors have signed the Share Subscription Agreement, while all angel investors have signed the Share Purchase Agreement. That leaves only the final steps before the transaction is completed, based on the sources cited.

For readers tracking India’s edtech sector, the signing status is the clearest signal that the deal is moving toward closure. The acquisition is described as one of the biggest consolidation moves in India’s edtech sector.

Unacademy co-founder Gaurav Munjal will continue as the company’s CEO after the merger, according to Entrackr. Airlearn, the language learning platform incubated within Unacademy, is also part of the acquisition and will move under the upGrad umbrella.

Operationally, upGrad is consolidating Unacademy and its businesses. PrepLadder’s headquarters has already shifted from Chandigarh to Bengaluru, and Unacademy, PrepLadder, Airlearn and Graphy will operate from Bengaluru going forward. Entrackr also reports that Unacademy’s existing investors will receive one board seat in upGrad after the transaction is completed.

Once closed, the combined entity will bring together upGrad’s higher education and upskilling business with Unacademy’s test preparation, medical education and creator-led learning platforms. That gives the merged operation a broader spread across learning categories, from upskilling to exam preparation.

The companies have also followed different financial paths. Entrackr reports that Unacademy’s operating revenue declined 16% year-on-year to Rs 826.3 crore in FY25, while upGrad reported a provisional profit of Rs 38.8 crore during the 11 months ended February 2026 and turned EBITDA positive with Rs 56.9 crore on operating revenue of Rs 1,531.7 crore.