UpGrad is set to acquire Unacademy in an all-stock deal valued at ₹2,055 crore (approximately $218 million), a significant drop from Unacademy’s peak valuation of $3.4 billion during the 2021 funding boom. The acquisition comes after months of negotiations and is expected to close soon, pending approval from the Competition Commission of India (CCI). Unacademy, which began as a YouTube channel in 2010 and evolved into a full-fledged edtech platform, is projected to have ₹900-950 crore in cash at the time of closing, making it an attractive target for UpGrad. The deal highlights the ongoing consolidation in India's edtech sector, which is facing challenges following the pandemic's surge in online learning and the collapse of Byju’s, once valued at $22 billion. UpGrad plans to leverage its increased cash reserves for organic growth, focusing on business-to-business opportunities and expanding its global reach. Unacademy co-founder Gaurav Munjal will continue as CEO post-acquisition, indicating a commitment to the brand's future.