upGrad acquired Unacademy in an all-stock share swap valued at ₹19.55 billion, or about $206 million, roughly 94% below Unacademy’s $3.44 billion peak valuation in 2021. The transaction closed on Sept. 1, 2026, about six months after the companies signed a term sheet in March, following approval from the Competition Commission of India in July. Unacademy reported roughly ₹4 billion in revenue and approximately ₹9 billion in cash, equivalent to the figures described in the latest account as about $48 million and ₹900 crore, respectively. Most business units were profitable or nearing profitability. Co-founder and CEO Gaurav Munjal will continue running Unacademy under upGrad, whose acquisition expands its higher-education and professional-upskilling business into test preparation. The deal includes PrepLadder, Graphy and Airlearn, while the Unacademy brand remains. No layoffs are planned, and Munjal and upGrad co-founder and chairperson Ronnie Screwvala are expected to decide in about six months whether Airlearn should be built internally or seek external funding.