Shocking news has emerged regarding the sale of the educational company Unacademy. The edtech company was acquired by Upgrade for approximately $200 million.
Following the deal, Unacademy co-founder and CEO, Gaurav Munjal, shared an emotional post on social media. He announced that negotiations between the two companies, which lasted for months, have concluded, with Upgrade acquiring the company for $200 million. He noted that although they attracted funding at its peak, they were only able to sell a small fraction of that volume.
Gaurav Munjal added that he does not intend to hide or embellish these facts but is proud of what the team achieved within these metrics. He expressed enthusiasm for the future path and confidence that this merger will bring significant value to shareholders. He also thanked all employees who remained supportive during the transition, as well as his teachers, investors, and co-founders. He mentioned that they conducted four ESOP buybacks, which brought real value to the employees, while founders and investors received less.
After publishing the post, Sam Rina shared a photo with him where they are all smiling. Sam Rina congratulated his friend Gaurav Munjal, noting that he sold his company Unacademy when it was valued at only $200 million, whereas previously it could have been sold for $3.4 billion.
Gaurav Munjal reacted to Sam Rina's remark in a lighthearted manner. In response to the congratulations, he wrote that if he has friends like him, then why would he need enemies.