Founder Stack

The acquisition of edtech platform Unacademy by upGrad has entered its final phase, with the transaction expected to close within the next three weeks, according to sources familiar with the matter. Sources said that almost all institutional investors have signed the Share Subscription Agreement (SSA), while all angel investors have signed the Share Purchase Agreement (SPA), which leaves only the final formalities before the deal is completed. According to sources, the all-stock transaction has been pegged at around Rs 1,955 crore. The current deal is slightly lower than the valuation discussed when thedeal was announcedearlier this year. As part of the transaction, Unacademy co-founder Gaurav Munjal will continue as the company's CEO after the merger. Meanwhile, language learning platform Airlearn, which was incubated within Unacademy, is also part of the acquisition and will move under the upGrad umbrella. Following the acquisition, upGrad is also consolidating the operations of Unacademy and its businesses. PrepLadder's headquarters has already been shifted from Chandigarh to Bengaluru, and Unacademy, PrepLadder, Airlearn and Graphy will operate from Bengaluru going forward. In another key development, Unacademy's existing investors will receive one board seat in upGrad after the transaction is completed, according to sources. Entrackr has reached out to Unacademy and upGrad for comments. The acquisition, first announced earlier this year, marks one of the biggest consolidation moves in India's edtech sector. The transaction received regulatory clearance from theCompetition Commission of India(CCI) earlier this month, paving the way for its completion. Once closed, the combined entity will bring together upGrad's higher education and upskilling business with Unacademy's test preparation, medical education and creator-led learning platforms. Financially, the two companies have taken different paths. Unacademy's operating revenue declined 16% year-on-year toRs 826.3 crorein FY25, while upGrad reported a provisional profit of Rs 38.8 crore during the 11 months ended February 2026, turningEBITDA positivewith Rs 56.9 crore on operating revenue of Rs 1,531.7 crore. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.