upGrad acquires Unacademy at a valuation 90% below 2021 peak

The Ronnie Screwvala-led upGrad has completed the acquisition of edtech firm Unacademy in an all-stock deal, at a valuation of just over $200 million — more than 90% below the $3.44 billion the company was worth at its peak in 2021, when it raised $440 million in a Temasek-led round.

The transaction takes Unacademy’s parent Sorting Hat Technologies into upGrad Education, giving the acquirer an entry into its core online test prep businesses across UPSC, JEE, NEET and GATE. All of Unacademy’s subsidiaries are also part of the transaction, including medical test-prep platform PrepLadder, creator platform Graphy and language-learning app Airlearn, according to sources.