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UpGrad to acquire Unacademy in share-swap deal, founders confirm
Proposed share-swap could unite two edtech rivals as sector eyes consolidation
MUMBAI: The Indian edtech sector may be inching toward another wave of consolidation, with online learning platform upGrad signing a term sheet to acquire rival Unacademy in an all stock transaction.
If completed, the deal would bring together two of the country’s most prominent education technology companies at a time when the sector is adjusting to slower demand and a sharper focus on profitability after the pandemic driven boom.
UpGrad founder and chairperson Ronnie Screwvala confirmed the development in a post on X, stating that Unacademy co-founder and chief executive Gaurav Munjal would continue to lead the company following the acquisition.
“We at upGrad have signed a term sheet to acquire Unacademy in an all stock deal, with founder and ceo Gaurav Munjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love,” Screwvala wrote.
He added that the agreement includes a break fee provision if the transaction fails to close. Screwvala also said the combined entity could strengthen upGrad’s integrated learning model spanning K12 education, professional training and lifelong learning.
Unacademy confirmed that the proposed transaction will be executed through a 100 per cent share swap, with the valuation to be disclosed only after the deal closes and regulatory filings are completed.
Announcing the development on X, Munjal described the agreement as the beginning of a new chapter for both companies and the wider edtech ecosystem.
He noted that Unacademy had spent the past year reshaping its operations to focus more sharply on online education products. Among the steps taken were consolidating company operated offline centres with franchise partners and launching a Rs 50 crore employee stock ownership plan buyback, in which around 40 per cent of former employees have already participated.
Munjal also highlighted the traction gained by Airlearn, the company’s language learning product, which he said is expanding in markets including the United States, the United Kingdom, Germany and Canada.
“Our cash reserves as of today are more than $100 million,” he said.
The proposed deal also marks a turnaround from earlier talks between the two companies that had stalled over disagreements on valuation and structure. Previous discussions had placed Unacademy’s valuation in the range of $300 million to $400 million, according to media reports.
If the transaction goes through, Munjal will continue as co-founder and chief executive of Unacademy, focusing on building online learning products for students in India and global markets.
For upGrad, the acquisition would broaden its footprint across the education spectrum, from school level learning to professional upskilling and lifelong education.
The move comes as India’s edtech sector enters a more sober phase after years of rapid expansion. Companies across the industry have been trimming costs, restructuring operations and seeking scale to build more sustainable businesses.
Against that backdrop, the potential combination of upGrad and Unacademy could signal that the next phase of edtech growth may be driven less by blitzscaling and more by strategic partnerships and consolidation.
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Hyundai Motor India rolls out nationwide AC check-up camp from April 10
Limited-period service drive offers discounts, free checks to beat summer heat
GURUGRAM: Hyundai Motor India Limited has announced a nationwide AC check-up camp, rolling out from April 10 to April 18, as temperatures climb and car cabins begin to feel the heat.
The initiative is designed to keep vehicles cool and customers comfortable, offering a mix of free inspections, discounted services and value-added benefits across Hyundai’s extensive service network in India.
As part of the limited-period campaign, customers can avail a complimentary 30-point vehicle check-up along with a free dry wash. The company is also offering a 15 per cent discount on AC servicing, including gas refills, and similar savings on wheel alignment and balancing. Key AC components such as compressors, condensers and cooling coils will be available at a 10 per cent discount, while value-added services like AC disinfectant treatments and plastic restoration also come with reduced pricing.
The camp will be hosted across authorised Hyundai workshops nationwide, allowing customers easy access to trained technicians, genuine parts and diagnostic support without the usual hassle.
Speaking on the initiative, Hyundai Motor India Limited national service head Nilesh Shah said, “At HMIL, customer satisfaction and convenience remain at the core of our service philosophy. With the onset of summer, we are pleased to introduce our nationwide AC check-up camp to ensure that our customers enjoy a comfortable and hassle-free driving experience. This initiative reflects our commitment to delivering proactive care and enhancing vehicle performance through our strong service network across India.”
With mercury levels on the rise, Hyundai’s timely service push aims to ensure drivers stay cool behind the wheel while also nudging them towards preventive maintenance, a small check today that could save a larger repair tomorrow.
