New Delhi, March 16 -- Unacademy is set to be acquired by rival Mumbai-based edtech firm upGrad in an all-stock deal. The announcement was made in a post on X by Unacademy co-founder and CEO Gaurav Munjal and Ronnie Screwvala of upGrad.

In the post, Gaurav said that, "Unacademy and upGrad have signed a term sheet for upGrad to acquire Unacademy in a 100% share swap deal."

Both parties have decided not to disclose the valuation until the transaction is closed and becomes public.

In a separate post, upGrad co-founder Ronnie Screwvala confirmed that a term sheet had been signed to acquire Unacademy in an all-stock deal. He added that CEO Gaurav Munjal will continue to lead Unacademy and focus on building online education products. The com...