Upgrad, led by Ronnie Screwvala and known for its upskilling-focused professional and academic programs, was recently reported to be in talks to acquire Unacademy for USD $300-400 million — about one 10th of its USD $3.44 billion valuation.
However, Screwvala firmly denied these reports during a recent fireside chat with YourStory, and The PIE News understands that the speculation around the Unacademy deal is just that — speculation, with no current deal in the works.
But the edtech giant has formally filed an expression of interest (EOI) to bid for Think & Learn Pvt. Ltd., the parent company of Byju’s — the now-distressed online education company once considered the world’s most valuable edtech startup.
Upgrad is currently evaluating the full portfolio of Think & Learn’s assets, which include the K-12 segment, Aakash Educational Services, Great Learning, and several other digital learning ventures previously acquired by Byju’s, at a time when the latter is mired in significant financial and legal challenges.
For now we have only filed our expression of interest to know more and then review the various assets of Byju’s parent company
Ronnie Screwvala, Upgrad
“For now we have only filed our expression of interest to know more and then review the various assets of Byju’s parent company – and, in turn, assets we understand were under dispute of ownership and [are] now in control of some of the creditors,” shared Ronnie Screwvala, co-founder of Upgrad, in a statement to The PIE.
“We will follow due process with the entity (EY) appointed and authorised by the regulators to undertake this activity.”
According to Screwvala, Upgrad is not interested in the K-12 segment but is instead focused on Think & Learn’s higher education assets, as this aligns with Upgrad’s target audience of young learners and college graduates seeking to upskill.
Think & Learn became part of insolvency proceedings after the Board of Control for Cricket in India, famously known as BCCI and India’s national governing body for cricket, took the company to the National Company Law Tribunal to recover Rs 158 crore (£13.5 million) for a sponsorship deal. The company’s stake is also expected to dilute from 25.75% to 6.125% following a rights issue.
The company is also facing allegations in a Delaware bankruptcy court that the missing USD$ 533 million from its US-based subsidiary, Alpha, was “round-tripped” through a series of transfers, including to a Singapore entity linked to founder Byju Raveendran — a claim Think & Learn disputes as “selective and incomplete”.
Meanwhile, initial reports had suggested that Upgrad was set to acquire Unacademy’s test-prep business in a major consolidation deal, with a share-swap arrangement granting Upgrad access to around Rs 1,200 crore ( £102 million) from Unacademy’s cash reserves as part of the merger, with the latter’s language-learning app, AirLearn, becoming a separate entity.
However, Upgrad has denied the rumours.
Regardless of the outcome, Upgrad’s recent moves, aligned with its plans to go public, come as fellow Indian edtech giant PhysicsWallah has launched a USD$393 million IPO — though it received a slower-than-expected investor response.
The PIE understands that, like PhysicsWallah, Upgrad is prioritising offline expansion with plans to open 40 centres across India, especially in the South, by the end of the current financial year.
The company is focusing on delivering 6-8-month artificial intelligence, machine learning, and data courses, as well as job-aligned programs for third-year college students and freshers aged 20-25.
Upgrad is also expanding internationally, having recently opened an office in Bangkok to tap into growing demand for its university-led courses in Southeast Asia.
