"We raised at a peak, but sold at a fraction of that," Unacademy co-founder and CEO Gaurav Munjal wrote. "I'm not going to dress these facts up."

The 100% share-swap transaction values Unacademy more than 90% below its $3.4-billion peak in 2021. ET first reported on May 4 that the acquisition was in its final stages.

UpGrad has completed its acquisition of Unacademy, marking the close of a major consolidation in Indias edtech sector. This and more in todays ETtech Top 5.