Unacademy, a leading edtech platform, has been acquired by Upgrade for $200 million (approximately Rs 1,955 crore). This amount represents a 94% decline from Unacademy’s high valuation of $3.4 billion in 2021. CEO Gaurav Munjal will continue to lead Unacademy even after this fully-equity transaction.

Gaurav Munjal clarified that the reason for this acquisition is not the economic crisis. He said that the company currently has a revenue of around Rs 400 crore and has reserves of Rs 900 crore in the bank account. Instead of going it alone, the decision to merge with Upgrade was made with the aim of building a better education network.

With this merger, Upgrade is also entering the competitive exam coaching sector like UPSC, NEET, and JEE. The teacher network of Unacademy, which has a huge influence on YouTube, will also be part of Upgrade. Despite the significant decline in the company's market value, the authorities are hopeful that the shareholders will be able to make good profits through this combination in the near future.