Unacademy Cofounder Exit Signals Major Edtech Consolidation.

Unacademy Cofounder Exit Signals Major Edtech Consolidation. Sumit Jain is stepping down as CEO of Unacademy effective June 30, with cofounder Gaurav Munjal assuming leadership. The leadership change accompanies upGrad's acquisition of Unacademy in an all-stock deal valuing the startup at $218 million, a dramatic 90% decline from its $3.4 billion peak in 2021. The merger represents a significant consolidation in India's struggling edtech sector, which faces ongoing challenges from pandemic-driven demand softening and the catastrophic collapse of BYJU'S. Unacademy will maintain approximately $108-114 million in cash post-deal closure. Both companies await Competition Commission approval for the transaction, expected to finalize in June-July next year. upGrad is simultaneously raising $45 million internally from existing investors including Temasek, which holds stakes in both companies.