The Competition Commission of India (CCI) cleared the acquisition by upGrad Education Private Limited and Sorting Hat Technologies Private Limited, the parent firm of Unacademy. This landmark decision removes the final antitrust obstacle for a major all-stock consolidation transaction valued at roughly ₹2,055 crore ($218 million) under Section 31(1) of the Competition Act.
This transaction represents a massive consolidation wave across the Indian education technology industry. The structured 100% share-swap agreement places Unacademy’s internal valuation at roughly ₹2,055 crore, representing a steep 90% markdown from its peak pandemic-era private market valuation of $3.4 billion in 2021. However, taking into account current market dynamics, analysts peg upGrad’s purchase of Unacademy as a $300–400 million deal in total asset value. Meanwhile, Ronnie Screwvala-led upGrad maintains an enterprise valuation of approximately $1.73 billion.
Post-acquisition, Unacademy will retain its distinct brand identity and current leadership, with Gaurav Munjal remaining as CEO within the broader upGrad structure. This strategic partnership is expected to boost upGrad’s annual revenue by approximately ₹500 crore, marking the first acquisition between two major Indian edtech unicorns.
The regulator’s green light follows a two-month review after upGrad submitted its formal merger application back in May. This development underscores a macro shift across the country’s educational technology landscape, as companies transition away from aggressive capital burn toward business fundamentals and long-term sustainability. For the 11-month period ending February 2026, upGrad posted a significant financial turnaround, recording a provisional net profit of ₹38.8 crore on an operating revenue of ₹1,531.7 crore.
Moving forward, the unified entity emerges as a robust competitor against legacy education providers. The complete operational integration of assets and final equity allocations will conclude by the third quarter of 2026.
