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upGrad drops proposed Unacademy deal, cites valuation mismatch
The development comes after co-founder Ronnie Screwvala, in earlier media interactions, had expressed interest in the Bengaluru-based company led by Gaurav Munjal, describing Unacademy as a platform with 'meaningful brand equity'
Ronnie Screwvala, entrepreneur, investor and film producer
Online higher education platform upGrad has called off its proposed deal to acquire select assets of embattled edtech firm Unacademy, citing differences over valuation.
Confirming the development, Ronnie Screwvala, co-founder of upGrad, said the parties were unable to reach a mutually acceptable valuation.
“We are not proceeding due to valuation differences. While we cannot comment on specific numbers, it is fair to say that we were unable to arrive at a mutually agreeable valuation,” Screwvala said in a statement.
The development comes after Screwvala, in earlier media interactions, had expressed interest in the Bengaluru-based company led by Gaurav Munjal, describing Unacademy as a platform with “meaningful brand equity” and strong consumer recall, while noting that not all discussions necessarily culminate in acquisitions.
Separately, Munjal, during Unacademy’s 10th anniversary celebrations on December 10, had said the company was exploring consolidation opportunities as it works to stabilise and strengthen its business following a volatile decade. He added that Unacademy was in active merger and acquisition discussions and remained open to combining with a larger or stronger entity, provided the transaction created a “win-win situation.”
The scrapped deal also comes amid market speculation around upGrad’s potential initial public offering (IPO) later this year. In November, the Mumbai-based company appointed Amitabh Kant as an independent non-executive director to its board, a move seen as aligning with its accelerated global expansion plans and preparations for a possible public listing within the next 18 months.
Financially, upGrad reported a sharp improvement in profitability, narrowing its losses to Rs 273.35 crore in FY25, compared with Rs 559.5 crore in the previous fiscal. Revenue from operations rose 5.5% year-on-year to Rs 1,569.3 crore.
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