Ronnie Screwvala’s Upgrad has signed a term sheet to acquire Gaurav Munjal’s Unacademy in an all-stock deal—a move that consolidates India’s edtech sector led by PhysicsWallah Ltd.
Munjal will stay on to build Unacademy and focus on what it does best, creating online education products that learners love, Screwvala wrote on X.com (formerly Twitter). “They disrupted the sector once, and now with AI they plan to do it again. We are already seeing Airlearn gain global traction,” he said.
Munjal confirmed the development.
“Neither side will disclose the valuation until closing [the deal] — when the papers are filed and the transaction becomes public,” Unacademy founder Gaurav Munjal wrote on X, adding that he would stay on as CEO of the company.
Munjal had praise for Screwvala and the company he has built in Upgrad.
“If and when we do come together, we share upGrad’s belief that ‘The whole is bigger than the sum of parts’ and altogether we will impact students, learners and working professionals and build great products from K12 to forever learning.”