India, May 4 -- Edtech major upGrad is nearing the acquisition of Unacademy in an all-stock deal at a significantly lower valuation of around Rs.2,055 Cr (about $218 Mn), sources told Inc42. This would be a 90% cut from Unacademy's peak acquisition of $3.4 Bn it achieved during the 2021 funding boom.

The Ronnie Screwvala-led edtech platform is expected to seek the approval of the Competition Commission of India (CCI) for the acquisition this week.

The sources said that Unacademy is expected to have a cash of Rs.900-Rs.950 Cr on its books at the time of closing the transaction.

The development was first reported by ET. Questions sent to Unacademy and upGrad by Inc42 did not elicit a response till the time of publishing this story.

This...