Unacademy After this acquisition was completed, there was another case of a significant valuation correction in India's education technology industry. upGrad The company took over this once-star startup through a all-stock transaction, with a transaction valuation of approximately $206 million, which is far lower than its peak level in 2021.

Transaction completed.

Unacademy, Co-Founder and CEO, confirmed on X that the transaction, first announced in March, has been officially completed this week. upGrad, another co-founder, Ronnie Screwvala, revealed that Unacademy shareholders will receive upGrad shares, while angel investors will exit at the time of delivery.

The valuation of this trading pair Unacademy is 19.55 billion rupees, which is approximately 206 million US dollars. The company's peak valuation in 2021 reached 3.44 billion US dollars, indicating a valuation drop of about 94%.

Business is still operating.

Munjal indicates that Unacademy still has approximately 9 billion rupees in cash on its account, with an annual income of around 4 billion rupees. Most of the company's businesses are already profitable or close to profitability. He also said that the company was not forced to sell; it originally had the option to operate independently as well.

Unacademy was established in 2015 and significantly expanded during the pandemic, competing with rivals such as Byju for students and instructors. As offline teaching resumed and demand for online education declined, the company subsequently laid off employees and restructured its business.

upGrad Values Offline Capabilities

Insiders say that the management of Unacademy believes that in order to continue to expand and go public, it is necessary to enter more areas of education. upGrad has a deeper presence in offline education, which is an important reason for the cooperation between the two parties.

This transaction also includes Unacademy's language learning application, Airlearn. Screwvala said that upGrad is "very enthusiastic" about this business. The Unacademy brand will continue to be retained, and PrepLadder as well as Graphy are also within the scope of the transaction.