New Delhi, March 15 -- Edtech firm upGrad has signed a term sheet to acquire rival Unacademy in a 100% share-swap transaction, signalling a potential consolidation move in India's struggling online education sector.

"We at upGrad have signed a term sheet to acquire Unacademy in an all-stock deal, with Founder and CEO Gaurav Munjal staying on to build Unacademy and focus on what it does best," upGrad chairman Ronnie Screwvala said in a post on X on Sunday.

The companies have also agreed on a break fee if the deal does not close, he added.

Unacademy co-founder and chief executive Gaurav Munjal also confirmed the development, saying, "Unacademy and upGrad have signed a term sheet for upGrad to acquire Unacademy in a 100% share swap deal."...