upGrad Education Private Limited has acquired Unacademy Group for $206 million, structured primarily as a share swap with an eventual merger of Unacademy into upGrad. The transaction drew one of the largest legal advisory ensembles seen in an Indian edtech deal, with eight law firms and two sets of international counsel involved. The deal closed on September 1, 2026, roughly six months after the two companies signed a term sheet in March.
Introduction
The all-stock deal values Unacademy at ₹19.55 billion (approximately $206 million) — about 94% below its 2021 peak valuation. The transaction involves the acquisition of certain shareholding in Sorting Hat Technologies Private Limited, which operates Unacademy, followed by its merger with and into upGrad Education Private Limited.
Unacademy shareholders received upGrad shares as part of the transaction, while angel investors were cashed out at closing. The Competition Commission of India approved the acquisition in July, clearing a key regulatory hurdle before the transaction was completed.
Deal Value
The all-stock deal values Unacademy at ₹19.55 billion (approximately $206 million), as confirmed by upGrad co-founder and chairperson Ronnie Screwvala. At its peak in 2021, Unacademy was valued at approximately $3.4 billion; the final deal value is more than 90% lower than that high.
Legal Teams Involved
JSA Advocates and Solicitors — Advised Unacademy and its founders (Gaurav Munjal, Roman Saini, Hemesh Singh, and Sumit Jain)
JSA Advocates and Solicitors advised Unacademy and its founders on this acquisition. The transaction was led by Siddharth Manchanda (Partner), with support from Riya Gupta (Principal Associate), Aparimita Choudhary (Senior Associate), Associates Vaastu Tyagi and Aditya Jain.
CMS INDUSLAW — Advised Unacademy and its founders on CCI matters; also represented Nexus
CMS INDUSLAW advised Unacademy and its founders on all CCI-related issues. The competition law team consisted of Unnati Agrawal (Partner) and Hrishav Kumar (Associate). The firm also represented Nexus in connection with the transfer of its shares in Unacademy pursuant to the share swap transaction. The transaction team included Winnie Shekhar (Partner), Shantanu Singh (Partner), Aditya Kumar (Principal Associate), with Ruhi Jain (Executive Director – Corpoate Compliance) and Akshay Madhvani (Assistant Manager) advising on corporate secretarial matters.
Khaitan & Co — Advised upGrad
Khaitan & Co advised upGrad on this acquisition. The core transaction team and specialist practice group members were:
Core Transaction Team:
- Monika Srivastava (Partner)
- Sanchit Agarwal (Partner)
- Jubin Jay (Principal Associate)
- Chirag Mangal (Principal Associate)
- Deepansh Goyal (Senior Associate)
- Shubhang Upadhyay (Senior Associate)
- Aditi Gupta (Senior Associate)
- Daanish Dube (Senior Associate)
- Associates Shivangi Mishra, Akanksha Agrahari, Divyanshu Sharma, Devika Garg, Shriya Garg, Umang Agarwal, Laksh Sharma, and Sameer Parihar
Competition Law: Pranjal Prateek (Partner), Alisha Mehra (Principal Associate), Associates Toshika Soni, Ritika Ghosh, and Joshua Joseph
Employment Law: Abhinav Rastogi (Partner), Ajeta Anand (Senior Associate)
Intellectual Property: Shailendra Bhandare (Partner), Vaishali Adhikari (Associate)
Data Privacy: Supratim Chakraborty (Partner), Shramana Dwibedi (Principal Associate)
Tax Law: Shabnam Shaikh (Partner)
River Law — Advised upGrad
River Law also advised upGrad on this acquisition. Further details were not disclosed.
Bharucha & Partners — Advised General Atlantic
Bharucha & Partners advised General Atlantic on the transfer of its Unacademy shares via the share swap. The transaction was led by Vandana Pai (Senior Partner) and Ayush Jain (Partner).
Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co, and Bombay Law Chambers
Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co, and Bombay Law Chambers were involved in this transaction in various capacities. Further details were not disclosed.
International Counsel
Gunderson Dettmer and Fenwick were the international counsel involved in this transaction. Further details were not disclosed.
upGrad In-House Legal Team
The upGrad in-house team working on this transaction consisted of Koell Hemdev (General Counsel, CHRO), Khushboo Shah (Company Secretary and Director – Legal), and Vaibhav Bhandari (Vice President – Group Finance Controller).
Significance and Impact
The deal expands upGrad beyond its traditional higher education and workforce-learning focus, adding Unacademy’s online test-preparation, creator, and language-learning businesses. In information submitted to the CCI, upGrad had stated that the combination would give it entry into the online test preparation segment, where it previously had limited presence.
Gaurav Munjal will continue as the CEO of Unacademy following the acquisition. The transaction is also notable for the breadth of its legal advisory, spanning corporate M&A, competition law, employment, intellectual property, data privacy, tax, and corporate secretarial work across multiple firms simultaneously.
The deal represents a landmark consolidation moment in Indian edtech — bringing together two of the country’s largest online learning platforms under a single corporate umbrella via a multi-disciplinary legal framework rarely seen at this scale in the sector. For a running tracker of significant Indian legal market deals, see the Deal Meter.
upGrad Education Private Limited’s acquisition of Unacademy Group for $206 million, structured as a share swap with an eventual merger, marks one of the defining edtech transactions of 2026. The deal mobilised eight Indian law firms, two international firms, and a dedicated in-house team, reflecting both the structural complexity of the transaction and its regulatory significance. With CCI approval secured in July and the transaction now closed, the combined entity is positioned to serve learners across test preparation, higher education, and professional upskilling.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
