Overview
- UpGrad co-founder Ronnie Screwvala confirmed the talks have been called off, citing an inability to agree on valuation.
- Reports during negotiations indicated an all-stock proposal that valued Unacademy at roughly $300–$400 million, far below its 2021 peak of about $3.4 billion.
- Sources also reported unconfirmed elements such as a potential AirLearn spin-off and Unacademy investors receiving a minority stake in the acquirer.
- Unacademy recently proposed shortening the ESOP exercise window for former employees to 30 days, then put the amendments on hold after backlash.
- People familiar with the talks said UpGrad flagged business challenges at Unacademy, even as upGrad considers other acquisitions and a possible IPO and Unacademy weighs alternative options.