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UpGrad to acquire Unacademy in share-swap deal, founders confirm
Proposed share-swap could unite two edtech rivals as sector eyes consolidation
MUMBAI: The Indian edtech sector may be inching toward another wave of consolidation, with online learning platform upGrad signing a term sheet to acquire rival Unacademy in an all stock transaction.
If completed, the deal would bring together two of the country’s most prominent education technology companies at a time when the sector is adjusting to slower demand and a sharper focus on profitability after the pandemic driven boom.
UpGrad founder and chairperson Ronnie Screwvala confirmed the development in a post on X, stating that Unacademy co-founder and chief executive Gaurav Munjal would continue to lead the company following the acquisition.
“We at upGrad have signed a term sheet to acquire Unacademy in an all stock deal, with founder and ceo Gaurav Munjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love,” Screwvala wrote.
He added that the agreement includes a break fee provision if the transaction fails to close. Screwvala also said the combined entity could strengthen upGrad’s integrated learning model spanning K12 education, professional training and lifelong learning.
Unacademy confirmed that the proposed transaction will be executed through a 100 per cent share swap, with the valuation to be disclosed only after the deal closes and regulatory filings are completed.
Announcing the development on X, Munjal described the agreement as the beginning of a new chapter for both companies and the wider edtech ecosystem.
He noted that Unacademy had spent the past year reshaping its operations to focus more sharply on online education products. Among the steps taken were consolidating company operated offline centres with franchise partners and launching a Rs 50 crore employee stock ownership plan buyback, in which around 40 per cent of former employees have already participated.
Munjal also highlighted the traction gained by Airlearn, the company’s language learning product, which he said is expanding in markets including the United States, the United Kingdom, Germany and Canada.
“Our cash reserves as of today are more than $100 million,” he said.
The proposed deal also marks a turnaround from earlier talks between the two companies that had stalled over disagreements on valuation and structure. Previous discussions had placed Unacademy’s valuation in the range of $300 million to $400 million, according to media reports.
If the transaction goes through, Munjal will continue as co-founder and chief executive of Unacademy, focusing on building online learning products for students in India and global markets.
For upGrad, the acquisition would broaden its footprint across the education spectrum, from school level learning to professional upskilling and lifelong education.
The move comes as India’s edtech sector enters a more sober phase after years of rapid expansion. Companies across the industry have been trimming costs, restructuring operations and seeking scale to build more sustainable businesses.
Against that backdrop, the potential combination of upGrad and Unacademy could signal that the next phase of edtech growth may be driven less by blitzscaling and more by strategic partnerships and consolidation.
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Reliance Retail FY26 revenue rises 11.8 Per Cent to Rs 3.7 lakh crore
Q4 revenue up 11.1 Per Cent, hyperlocal orders surge 4x, PAT steady
MUMBAI: Reliance Retail isn’t just ringing up sales, it’s ringing doorbells faster than ever. Reliance Retail Ventures Limited (RRVL) reported a steady FY26 performance, with growth powered by store expansion, a sharp surge in hyperlocal commerce, and consistent traction across grocery, fashion and jewellery. For the full year, revenue rose 11.8 per cent year-on-year to Rs 3,70,026 crore. In the January–March quarter, revenue from operations climbed 11.1 per cent to Rs 87,344 crore, up from Rs 78,622 crore a year earlier.
Operating performance remained stable, with Q4 EBITDA inching up 3.1 per cent YoY to Rs 6,921 crore from Rs 6,711 crore. However, quarterly profit after tax held steady at Rs 3,563 crore. For the full fiscal, PAT grew 11.7 per cent to Rs 13,842 crore.
Expansion remained a key lever. RRVL added 1,564 new stores during FY26, while simultaneously scaling its digital and hyperlocal commerce play. The latter emerged as a standout, with daily orders surging more than fourfold year-on-year in Q4, underlining a clear shift towards faster, localised fulfilment.
In grocery, large-format stores maintained momentum, aided by festive demand and the expansion of Smart Bazaar, which crossed 1,000 stores. Promotional campaigns such as ‘Full Paisa Vasool’ delivered record results, with sales rising 26 per cent YoY.
Digital commerce also picked up pace. JioMart added 5.8 million new users in Q4, nearly doubling its registered base year-on-year. Hyperlocal orders grew 29 per cent sequentially and over 300 per cent annually during the quarter.
Fashion and lifestyle saw steady traction. Ajio recorded a 23 per cent YoY rise in average bill value, while fast-fashion platform Shein crossed 11 million app installs, scaling rapidly with expanding product lines.
The jewellery business added further shine, with average bill value jumping 53 per cent YoY, largely driven by rising gold prices and sustained consumer demand.
Commenting on the shift, RRVL executive director Isha Ambani said hyperlocal commerce has become a structural growth driver, with orders rising more than fourfold over the year.
Looking ahead to FY27, the company is betting on technology to deepen engagement. The focus, Ambani noted, will be on AI-led merchandising, sharper pricing strategies and disciplined execution turning scale into sustained customer value.
In short, the carts are fuller, the clicks are quicker, and the next phase looks less about reach and more about precision.
