Unacademy, once one of India's most valuable edtech startups, is set to be acquired by rival upGrad in an all-stock deal that brings together two major online learning platforms in the country. The acquisition comes as India's edtech sector consolidates following the pandemic-era lockdowns, which saw demand for online test prep and learning platforms decrease. Unicademy's valuation has dropped below $500 million, down 85% from its peak of $3.5 billion in 2021. The company currently holds more than $100 million in cash reserves and has completed an employee stock buyback worth $5.40 million.