Unacademy Cofounder Sumit Jain Exits, Gaurav Munjal To Take Charge
Superadmin
Unacademy cofounder and CEO Sumit Jain is exiting the edtech startup which is being acquired by upGrad, sources told Inc42.
In an internal communication shared with employees, Unacademy cofounder Gaura Munjal said Jain’s last working day will be June 30. Going ahead, he will be involved with Unacademy as an advisor, the sources added.
Munjal will take the reins of the startup post Jain’s exit.
Jain joined Uncademy as a cofounder in 2020 and was later made CEO in 2025 as Munjal started focusing on the startup’s foreign language platform Airlearn.
The development comes at a time when Ronnie Screwvala-led upGrad is in the process of acquiring Unacademy.
Under the deal, upGrad will acquire Unacademy in an all-stock transaction, valuing the SoftBank and Peak XV Partners-backed startup at ₹2,055 Cr (around $218 Mn) — 90% lower than its peak valuation of $3.4 Bn in 2021.
Unacademy is expected to have a cash balance of ₹900-950 Cr once the deal closes, likely in June-July next year.
The startups are currently seeking approval from the Competition Commission of India (CCI) for the proposed merger.
upGrad is also in talks to raise an internal round of about ₹375 Cr from existing backers, including Temasek, Moneycontrol reported. It is persistent to note that Temasek is a common investor in both the companies, holding about 22% stake in upGrad and 5% in Unacademy.
Unacademy has raised a total funding of $830 Mn to date from investors like Blume Ventures, Peak XV Partners and Elevation Capital. upGrad, on the other hand, has raised about $330 Mn and was last valued at $1.9 Bn.
The deal is one of the biggest consolidation moves in India’s edtech sector, which is still adjusting to the slowdown after the Covid-led boom. Demand for online learning softened significantly post the pandemic, and the sector is still dealing with the fallout from the collapse of BYJU’S — once valued at $22 Bn.
The post Unacademy Cofounder Sumit Jain Exits, Gaurav Munjal To Take Charge appeared first on Inc42 Media.
