Unacademy Co-founder Sumit Jain Exits; UpGrad Acquisition Talks Intensify

Unacademy Leadership Shake-up: Sumit Jain Departs as Acquisition Looms

In a significant development within India’s competitive edtech landscape, Unacademy cofounder and CEO Sumit Jain is set to exit the company. Sources indicate that Jain’s last day of active involvement will be June 30. While stepping down from his executive role, Jain is expected to continue his association with Unacademy in an advisory capacity. This leadership transition coincides with Unacademy’s ongoing discussions for an acquisition by rival edtech platform upGrad.

Gaurav Munjal to Lead Unacademy Post-Jain’s Exit

Following Sumit Jain’s departure, Unacademy cofounder Gaurav Munjal will assume the helm of the edtech startup. Munjal, who had previously shifted his focus to Unacademy’s international language learning platform, Airlearn, will now oversee the core operations of Unacademy. Jain, who joined Unacademy as a cofounder in 2020, took on the CEO role in 2025, allowing Munjal to concentrate on other ventures.

upGrad in Advanced Talks to Acquire Unacademy

The potential acquisition of Unacademy by upGrad, led by Ronnie Screwvala, is reportedly in its final stages. The deal is structured as an all-stock transaction, which would value the SoftBank and Peak XV Partners-backed Unacademy at approximately ₹2,055 crore (around $218 million). This valuation represents a substantial decrease of 90% from its peak valuation of $3.4 billion recorded in 2021. Unacademy anticipates holding a cash reserve of ₹900-950 crore upon the deal’s closure, which is projected for June-July of the upcoming year.

Regulatory Approvals and Investor Overlap

Both Unacademy and upGrad are actively seeking approval from the Competition Commission of India (CCI) for their proposed merger. Notably, upGrad is also in discussions to secure an internal funding round of approximately ₹375 crore from its existing investors, including Temasek. The presence of Temasek as a common investor in both companies, holding a significant stake in upGrad and a smaller percentage in Unacademy, adds an interesting dimension to the ongoing consolidation in the sector.

Edtech Sector Consolidation and Market Dynamics

This potential merger signifies one of the most substantial consolidation moves within India’s edtech sector. The industry has been navigating a challenging period following the post-pandemic slowdown, a stark contrast to the boom experienced during the COVID-19 lockdowns. The softening demand for online learning and the broader fallout from the financial struggles of major players like BYJU’S have created an environment ripe for strategic realignments and mergers. Unacademy has historically raised $830 million in funding from investors such as Blume Ventures, Peak XV Partners, and Elevation Capital. In comparison, upGrad has secured around $330 million, with its last valuation standing at $1.9 billion.