UpGrad To Close Rs 1,955 Crore Unacademy Deal In Three Weeks

UpGrad will close its all-stock acquisition of Unacademy within three weeks, with almost all institutional investors having signed the Share Subscription Agreement and angel investors the Share Purchase Agreement, according to Entrackr.

The deal is now valued at roughly Rs 1,955 crore, down from an original Rs 2,055 crore figure reported by CXO Digital Pulse and NewsBytes — a cut of about Rs 100 crore since the acquisition was first announced. The Competition Commission of India cleared the transaction on July 7, per CXO Digital Pulse and NewsBytes.

The Deal Covers More Than Test Prep

UpGrad is not just buying Unacademy’s core exam-prep brand. Airlearn, the language-learning platform incubated inside Unacademy, moves over as part of the same transaction, along with Graphy, its creator-monetisation platform, and PrepLadder, its medical-entrance-exam business.

PrepLadder’s headquarters has already shifted from Chandigarh to Bengaluru. All four brands — Unacademy, PrepLadder, Airlearn and Graphy — will now operate out of upGrad’s home city.

Unacademy co-founder Gaurav Munjal stays on as CEO after the merger. Unacademy’s existing investors will get one board seat at upGrad once the deal closes, rather than a clean exit.

A Shrinking Business Sold Into A Profitable One

The financials explain the trimmed price. Unacademy’s operating revenue fell 16% year-on-year to Rs 826.3 crore in FY25, even as it narrowed EBITDA losses by 38%, per Entrackr’s earlier reporting.

UpGrad turned EBITDA positive at Rs 56.9 crore on operating revenue of Rs 1,531.7 crore, and reported a provisional profit of Rs 38.8 crore for the 11 months to February 2026. Unacademy’s investors accepted a lower price than first floated to fold a shrinking, loss-making platform into a larger, newly profitable one.

Newskart describes the tie-up as one of the largest edtech consolidations since the pandemic-era boom cooled, a period that has already pushed smaller test-prep and upskilling platforms to shut down or sell.

The Combined Catalogue

Once closed, the merged entity pairs upGrad’s higher-education, upskilling and study-abroad business with Unacademy’s competitive-exam prep, medical education and creator-led learning catalogue.

That shelf spans exam prep through postgraduate upskilling, a range that standalone test-prep platforms and creator-economy learning apps competing for the same subscribers do not currently match.

The consolidation already in motion — PrepLadder’s relocation, four brands sharing one Bengaluru base, Munjal remaining CEO, investors taking a board seat — points to upGrad running this as a single operating unit rather than a portfolio of separate apps. The three-week closing timeline does not say whether Unacademy’s revenue decline continues after the merger.

Originally reported by entrackr.