India, July 7 -- The Competition Commission of India (CCI) has approved edtech major upGrad's proposed acquisition of Unacademy. The competition watchdog approved the proposed combination under Section 31(1) of the Competition Act, 2002, at a meeting held on the same day.

upGrad had announced the acquisition of Unacademy in April this year, marking its entry into the premium higher education and global admissions consulting space.

The acquisition, which is structured as an all-stock deal, will value Unacademy at a valuation of about Rs.2,055 Cr ($218 Mn), nearly 90% lower than Unacademy's peak valuation.

Earlier, sources had told Inc42 that Unacademy was expected to have Rs.900 Cr-950 Cr in cash on its books when the transaction closed...