Unacademy acquired by upGrad in $200 million deal; co-founder Roman Saini reflects on quitting IAS to build the company

Unacademy, once a beacon of India's edtech revolution, has been acquired by upGrad in a deal valued at over $200 million, a staggering 94% drop from its peak valuation of $3.4 billion in 2021. Co-founder Roman Saini shared his emotional journey on X, recalling the moment he decided to leave the IAS to create Unacademy. He noted, “It has been one helluva journey since that stroll in LBSNAA when I was on the phone with @gauravmunjal.”¹²³

During the pandemic, Unacademy hosted 1 lakh live classes monthly, aiding countless students in preparing for competitive exams. Saini recounted a touching encounter with a CISF officer who thanked him for enabling online study while on duty, highlighting the platform's impact on education.

However, the post-COVID landscape saw a sharp decline in Unacademy’s fortunes as students returned to offline learning. The company faced challenges due to aggressive spending and a tough funding environment, leading to layoffs and a significant valuation drop. Saini reflected on the struggles, stating, “The journey wasn’t easy. It never is.”

The acquisition, involving a 100% share swap, was approved by the Competition Commission of India in July, meaning Unacademy investors will receive shares in upGrad. Gaurav Munjal will remain as CEO of Unacademy, steering the company into its new chapter.