Ronnie Screwvala’s Upgrade has signed a term sheet to acquire Gaurav Munjal’s Unacademy in an all-stock deal – a move that strengthens India’s edtech sector led by Physicswala Ltd.
Munjal will continue to build Unacademy and focus on what it does best, creating online education products that learners will love, Screwvala wrote on X.com (formerly Twitter). “They disrupted this sector once, and now with AI they plan to do it again. We are already seeing AirLearn gain global popularity,” he said.
Munjal confirmed the development.
“Neither party will disclose the valuation until closing [the deal] – When the papers are filed and the transaction becomes public,” Unacademy founder Gaurav Munjal wrote on X, adding that he will remain CEO of the company.
Munjal praised Screwvala and the company he built at Upgrade.
“If and when we come together, we share UpGrad’s belief that ‘the whole is greater than the sum of the parts’ and together we will impact students, learners and working professionals and create the best products for learning from K12 to forever.”
