UpGrad Reportedly Bids for Unacademy in $300–$400 Million Share-Swap

Overview

• Reports say upGrad has proposed an all-share deal valuing SoftBank-backed Unacademy at $300–$400 million, far below its 2021 peak.
• Moneycontrol reports a term sheet could be signed in about three weeks, according to accounts cited by other outlets.
• The structure would spin off Unacademy’s AirLearn while upGrad acquires the core test-prep business, including offline centres.
• upGrad is preparing for an IPO and recently reported turning EBITDA positive in FY25 with Rs 1,943 crore in operating revenue after a 2024 Temasek-backed round at a $2.25 billion valuation.
• Unacademy’s revenue has fallen to about Rs 820 crore in FY25 with narrower losses, Entrackr reports, and neither company has publicly confirmed the talks.