UpGrad has completed its acquisition of Unacademy for just over USD 200 million, nearly 94% below the edtech firm's 2021 peak valuation of USD 3.44 billion. Co-founder Gaurav Munjal acknowledged the steep markdown while highlighting Unacademy's impact on online education and its strong financial position.

New Delhi: UpGrad has completed the acquisition of Unacademy for just over USD 200 million, about 94 per cent off its 2021 peak valuation, with co-founder and CEO Gaurav Munjal acknowledging the steep markdown in a post on LinkedIn.

Munjal wrote that the company became a unicorn (a privately held firm valued at more than USD 1 billion) six years ago. Unacademy had raised capital at its peak valuation but was ultimately sold for a fraction of that amount.

"Six years ago today, Unacademy became a unicorn. Today, Unacademy has closed its acquisition by UpGrad for just over USD 200 million. We raised at a peak, but sold at a fraction of that. I'm not going to dress these facts up," Munjal wrote on LinkedIn.

While Munjal did not quantify the exact markdown in his post, it may be recalled that back in 2021, Unacademy had raised USD 440 million (about Rs 3,270.8 crore at that time) in funding from a clutch of investors including Temasek, General Atlantic, and Softbank Vision Fund, valuing the edtech major at USD 3.44 billion.