upGrad to acquire Unacademy in all-stock deal; Gaurav Munjal to stay on as CEO

Edtech major upGrad has signed a term sheet to acquire rival Unacademy in an all-stock transaction, a move that could mark one of the biggest consolidation plays in India’s online education sector.

Under the proposed deal, Unacademy’s co-founder and chief executive Gaurav Munjal will continue to lead the company and focus on building online education products for learners in India and globally, Ronnie Screwvala, co-founder and chairman of upGrad, said on Sunday.