Edtech company UpGrad has signed a term sheet to acquire rival Unacademy in an all-stock transaction, with the founders of both companies confirming the move. Ronnie Screwvala leads UpGrad, while Gaurav Munjal co-founded Unacademy. The proposed deal would bring together two of India's larger online education businesses at a point when valuations across the sector have fallen sharply. Financial terms of the share exchange were not disclosed.
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Credit: The Times of India