UpGrad, Unacademy file application with CCI for merger
Ronnie Screwvala-founded higher learning firm UpGrad and test-prep startup Unacademy have filed an application seeking antitrust clearance from the Competition Commission of India (CCI) for their proposed merger, according to documents published by the regulator.
ET had first reported on May 4 that the transaction was in its final stages and that the CCI filing was expected as early as this week.
Under the deal, UpGrad will acquire Unacademy in an all-stock transaction valuing the SoftBank- and Peak XV Partners-backed startup at Rs 2,055 crore (around $218 million) — a 90% markdown from its peak valuation in 2021.
Unacademy is expected to have a cash balance of around Rs 900-950 crore once the deal closes, which is likely in June-July.
ET had first reported on May 4 that the transaction was in its final stages and that the CCI filing was expected as early as this week.
Under the deal, UpGrad will acquire Unacademy in an all-stock transaction valuing the SoftBank- and Peak XV Partners-backed startup at Rs 2,055 crore (around $218 million) — a 90% markdown from its peak valuation in 2021.
Unacademy is expected to have a cash balance of around Rs 900-950 crore once the deal closes, which is likely in June-July.
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