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upGrad files to win CCI nod for Unacademy acquisition worth ₹2,055 crore in all-stock deal
Business
Published on 14 May 2026
The deal valuation is down 90% from Unacademy’s peak
upGrad has filed with India’s Competition Commission for approval to acquire Unacademy, sealing an all-stock deal after months of speculation. The merger, expected to be valued around ₹2,055 crore, marks a steep drop from Unacademy’s 2021 peak valuation and is aimed at letting upGrad enter online test preparation. Unacademy is also expected to bring ₹900–₹950 crore in cash at closing. The talks, once paused over valuation mismatch, resumed after a term sheet signed in March.
- upGrad sought CCI approval after finalising the Unacademy acquisition
- The all-stock deal is valued at about ₹2,055 crore (around $218 million)
- Valuation falls roughly 90% from Unacademy’s 2021 peak of $3.4 billion
- Unacademy is expected to hold ₹900–₹950 crore cash at closing
- Talks were paused in January due to a valuation mismatch
- upGrad says it will enter online test preparation via the acquisition
Read the full story at Inc42
This summarization was done by Beige for a story published on 
Inc42