Indian edtech startup upGrad closes its acquisition of rival Unacademy in an all-stock deal valuing Unacademy at ~$206M, down from its peak $3.5B valuation (Jagmeet Singh/TechCrunch)

Indian edtech firm upGrad completed an all-stock acquisition of rival Unacademy, valuing Unacademy at roughly $206 million—significantly below its peak $3.5 billion valuation. The deal consolidates Unacademy’s online learning platform under upGrad’s broader education-technology portfolio.