business ๐ Unacademy sold to upGrad for $206M
Unacademy has been acquired by its rival, upGrad, in an all-stock deal valuing the startup at over $200 million. This transaction took place with Unacademy shareholders receiving upGrad shares, while angel investors were cashed out. The deal closed in Monday, nearly six months after its announcement in March, despite Unacademy's financial position. The sale comes after Unacademy struggled following the pandemic's surge in edtech demand. Munjal will remain CEO, focusing on online operations and Airlearn under the new structure. ๐ค