Under the agreement, Unacademy co-founder Gaurav Munjal will continue to lead the company as CEO, focusing on online education products and global expansion.

“Unacademy and upGrad have signed a term sheet for upGrad to acquire Unacademy in a 100 per cent share swap deal. Neither side will disclose the valuation until closing, when the papers are filed and the transaction becomes public. I will be staying back as Co-Founder and CEO Unacademy with the Goal to build Great Online Products for Learners in India and Globally,” Unacademy CEO Gaurav Munjal said on X.

upGrad Co-Founder Ronnie Screwvala said the deal includes a “break fee” should the acquisition fail to close. Munjal noted Unacademy holds cash reserves of over $100 mn and has refocused its operations by consolidating company-operated centres with franchise partners.