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The Latest Breaking News from Unacademy

CCI clears UpGrad-Unacademy merger, paving way for major edtech consolidation

The Competition Commission of India’s (CCI) approval comes two months after the higher education and upskilling company and the SoftBank- and Peak XV Partners-backed test-prep startup sought antitrust clearance for the deal.

The Economic Times

Flipkart announces $50 million Esop buyback: the biggest employee cashouts at startups so far

Indian startups are increasingly offering Esop liquidity programs to employees. Flipkart recently announced its second buyback event with a $50 million corpus. BrowserStack also provided liquidity to employees and early investors with a $125 million buyback. CoinDCX and Unacademy have also conducted significant ESOP buyback initiatives. These programs allow employees…

The Economic Times

UpGrad value pegged at $1.7 billion as Unacademy deal awaits CCI assent

UpGrad's valuation hit $1.7 billion, with a confidential report revealing projected profitability for FY26. The edtech firm plans to acquire Unacademy for Rs 2,055 crore, a fraction of its peak value. Aggressive growth is anticipated through acquisitions, international expansion, and new initiatives, supported by significant cost-cutting measures.

The Economic Times

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AI spooks IT valuations; Groww promoters cut stake

AI has pushed valuations of India’s top IT firms to 2008-09 levels. This and more in today’s ETtech Top 5.

The Economic Times

Unacademy’s test prep CEO Sumit Jain quits ahead of upGrad acquisition

Sumit Jain has stepped down from his role in Unacademy, ahead of a potential merger with upGrad Education. Jain, who joined Unacademy in 2020, will continue as an advisor. His departure follows the companies filing for merger approval with the Competition Commission of India.

The Economic Times

Unacademy, Chahal Academy, IQRA IAS: The 18 IAS coaching institutes under consumer watchdog’s glare

When India’s apex consumer watchdog decided to take suo motu cognisance of the UPSC coaching industry’s malpractices, it eventually had to fine four institutes and issue a notice to 14 others over a series of allegedly misleading advertisements.

Newslaundry

Data | Dispute over Unacademy tutor Karan Sangwan’s remark is much ado about nothing

Unacademy recently fired an instructor, Karan Sangwan, for a video in which he discussed voting for educated candidates. The Hindu’s data on the educational qualifications of Members of Parliament (MPs) in the current Lok Sabha reveals that 72% are graduates, less than 0.5% are illiterate or just literate, and 23.5%…

The Hindu

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Sacked teacher of Unacademy says his remark misinterpreted, alleges firm acted under social media pressure

Unacademy sacked Karan Sangwan on Aug 19 due to pressure from trollers who misinterpreted his generic remark. He said Unacademy acted without hearing him out and cited views of another account as an example in the termination notice.

The Hindu

Unacademy sacks teacher who appealed students to vote for educated candidates

Unacademy co-founder Roman Saini said that Mr. Sangwan was in breach of contract and therefore the company had to part ways with him.

The Hindu

COVID-19 lull over, students throng coaching capital Kota

As online coaching wanes, ed-tech companies set up shop

The Hindu

'There will be blood on streets': Why Big Tech companies are laying off staff

NEW DELHI: After years of rapid expansion, a trend of freeze in hiring and layoffs has been observed among startups and major tech companies. So far, around 150 US-based companies have laid off over 37,000 people in 2022. Most layoffs were reported in June with 75 US-based tech companies laying…

The Times of India

Unacademy founders, management to take pay cut

BENGALURU: The pain in the edtech space continues. Unacademy has introduced a slew of measures to lower costs. It has cut the salaries of the founders and the management team, it has done away with complimentary meals, and it is ending business class travel for its founders, CXOs and educators.…

The Times of India

Government asks Swiggy, Zomato and others to submit plans in 15 days for improving complaint redressal

The Department of Consumer Affairs will soon hold a meeting with edtech firms like Byju's and Unacademy amid complaints that these platforms put extra study pressure on schools

The Hindu

Funding winter descends on Indian startups

Mid-to-late stage startups after raising record funds last year are now struggling to survive.

Al Jazeera

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The Times of India

Unacademy fires over 10% of its employees

NEW DELHI: Edtech unicorn Unacademy has laid off more than 10% of its employees in India in a move that is being seen as a consolidation in the space where valuations of startups mushroomed during the Covid-19 pandemic period.

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