Unacademy, the Indian edtech giant that once commanded a $3.4 billion valuation, has been acquired by rival upGrad for roughly $206 million. That’s a 94% haircut from peak, and one of the most dramatic markdowns in the global edtech shakeout.
“We raised at a peak, but sold at a fraction of that,” co-founder and CEO Gaurav Munjal wrote in a candid acknowledgment of the collapse. The deal, structured as an all-stock share swap, closed on September 1, 2026, roughly six months after the two companies signed a term sheet in March.
How a $3.4B unicorn became a $206M acquisition
Unacademy hit its zenith in 2021, riding the pandemic-era edtech boom to a valuation north of $3.4 billion.
By the time the upGrad deal materialized, Unacademy was generating roughly 400 crore rupees in revenue (about $48 million) and sitting on approximately 900 crore rupees in cash. Most of its business units were either profitable or approaching profitability.
