Unacademy-upGrad deal began with an audacious pitch in 2020, says Screwvala

The Unacademy-upGrad acquisition, finalized in 2026 for $200 million, began six years prior with an audacious proposal from Gaurav Munjal. At a lunch meeting in 2020, Munjal presented to Ronnie Screwvala and Mayank Kumar an idea far beyond a merger, suggesting the combined entity would be run by Munjal himself. Although Screwvala recalled Munjal's confidence, he noted the proposal was not their initial thought.

What resonated was Munjal's willingness to approach the larger business, openly discuss ambitions, and make a compelling case for the combination. This was striking considering Unacademy, a pioneer in online education with educators and competitive-exam focus, and upGrad, specializing in higher education and professional learning, were both still in developmental stages.

The edtech market, already growing in 2020 due to the pandemic and digital learning shift, saw Unacademy's valuation surge to $1.5 billion. Despite not combining then, the two companies maintained a personal relationship. Their paths crossed again in July 2025, when Munjal reached out to discuss Unacademy's state. The market's shift, with fading exuberance, resetting valuations, and companies needing sustainable economics, made the original 2020 conversation relevant again.

Screwvala emphasized the structural fit between the two businesses as the attraction persisted. Unacademy, with its large consumer education platform, test-preparation business, and tech-first approach, complemented upGrad's strengths in higher education, online degrees, and career development. This combination, according to Screwvala, demonstrates the potential of learning businesses to contribute to India's workforce and broader ambitions.