The 100% share-swap transaction values Unacademy more than 90% below its $3.4-billion peak in 2021. ET first reported on May 4 that the acquisition was in its final stages.
ET subsequently reported that the final transaction value had been fixed at Rs 1,955 crore and Unacademy’s investors would receive one seat on UpGrad’s board.
Munjal said Unacademy has a topline of around Rs 400 crore, most of its businesses are profitable or close to profitability, and it has Rs 900 crore in cash.
“We had every option to keep going independently. Nobody was forcing this,” he wrote on X.
Unacademy’s educators have generated more than 10 billion YouTube views, while AirLearn has become one of the world’s three most-downloaded language-learning apps in under two years, Munjal said.
AirLearn is also part of the transaction.
Munjal will continue as Unacademy’s chief executive.
India’s competition regulator cleared the merger on July 7.
The companies began talks in November, called them off in January over valuation differences, and revived the deal in March.