Unacademy Sold : Unacademy, one of India's most valuable edtech startups, has been acquired by its competitor upGrad at a valuation of just over $200 million, which is about 94% less than its 2021 peak valuation. Gaurav Munjal, Co-Founder and CEO of Unacademy, shared an emotional post on social media, in which he talked about the deal and the team's efforts. It is said that he had decided to leave IAS studies and form Unacademy.
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He claimed that when the Covid pandemic was at its peak, there were more than 1 lakh live classes every month on Unacademy. During this period the company had about 10 lakh paid subscribers. I am excited about the journey ahead and am confident that this merger will create tremendous value for our shareholders. My heartfelt thanks to every employee who stuck with me even when it would have been easier to leave. People who once lived with us. Our Educators. Our investors. My co-founders.
upGrad co-founder and chairperson Ronnie Screwvala told TechCrunch that the all-stock deal values Unacademy at ₹19.55 billion (about $206 million). Screwvala said Unacademy shareholders are getting shares of upGrad as part of the transaction, while angel investors will be cashed out at closing.
Screwvala wrote on