upGrad Acquires Unacademy for $206 Million

upGrad has acquired edtech rival Unacademy in an all-stock deal valued at $206 million, representing a 94% decline from Unacademy's peak valuation of $3.44 billion in 2021.

The transaction, which closed on Monday after being announced in March, covers the entire Unacademy group, including PrepLadder and Graphy, and retains the Unacademy brand with Gaurav Munjal continuing as CEO.

Despite the valuation drop, Unacademy reported having approximately $94.8 million in cash reserves and annual revenue of roughly $42.13 million, with no layoffs planned for the company's 1,000 employees.