Unacademy is being acquired by UpGrad through a share swap, merging two of India's better-known online education brands. The transaction follows a steep fall in Unacademy's valuation, from roughly $3.5 billion at its peak to under $500 million. That decline tracks a wider slowdown across Indian edtech after the sector's pandemic-era surge faded. Because the deal is structured as all stock, Unacademy's investors would hold shares in the combined business rather than take a cash exit.
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