UpGrad and Unacademy Seek CCI Approval for Merger Valued at ₹2,055 Crore
UpGrad, Unacademy file application with CCI for merger
The Economic Times
Image: The Economic Times
UpGrad, founded by Ronnie Screwvala, and Unacademy have applied for antitrust clearance from the Competition Commission of India (CCI) for their merger. The all-stock deal values Unacademy at ₹2,055 crore (approximately $218 million), significantly lower than its peak valuation in 2021, with the transaction expected to close by mid-2024.
- 01UpGrad and Unacademy are merging in a deal valued at ₹2,055 crore.
- 02The merger application has been submitted to the Competition Commission of India.
- 03Unacademy is set to have a cash balance of ₹900-950 crore post-merger.
- 04The deal represents a 90% decrease from Unacademy's peak valuation in 2021.
- 05The transaction is anticipated to finalize around June-July 2024.
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UpGrad, a higher education platform founded by Ronnie Screwvala, and Unacademy, a test-preparation startup, have filed for antitrust clearance with the Competition Commission of India (CCI) for their proposed merger. This all-stock transaction values Unacademy at ₹2,055 crore (approximately $218 million), reflecting a staggering 90% markdown from its peak valuation in 2021. The merger is expected to provide Unacademy with a cash balance of around ₹900-950 crore following its completion, which is projected for June or July 2024. The deal marks a significant shift in the edtech landscape, as both companies aim to consolidate their positions in the competitive online learning market.
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The merger could reshape the online education landscape in India, potentially affecting course offerings and pricing for students.
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