Unacademy acquired by upGrad at 90% discount, valued at ₹2,055 crore

• upGrad is acquiring Unacademy in an all-stock deal, valuing the edtech firm at ₹2,055 crore, a 90% discount from its 2021 valuation.
• Unacademy co-founder Gaurav Munjal will continue as CEO; the deal involves 0.12 upGrad shares for every Unacademy share.
• The acquisition is expected to close within two to three months, pending regulatory approvals, including from the Competition Commission of India.
• Unacademy's cash burn reduced significantly to ₹200 crore in FY24 from ₹1,400 crore in FY21, with over $100 million in cash reserves.
• upGrad continues to explore acquisitions, including Byju's assets, and plans an IPO by 2027, aiming to raise $350–400 million.