Ronnie Screwvala-led upGrad has received approval from the Competition Commission of India (CCI) for its proposed acquisition of edtech unicorn Unacademy.

According to a release issued by the competition watchdog on Tuesday, the regulator approved the acquisition of certain shareholding in Sorting Hat Technologies Private Limited and its subsequent merger with and into upGrad Education Private Limited.

The approval comes nearly two months after upGrad filed a merger application with the CCI for the proposed transaction. In March this year, the company signed a term sheet to acquire Unacademy in a deal valued at around Rs 2,055 crore (approximately $218 million).

In May, upGrad was valued at around $1.73 billion after raising Rs 361 crore (around $38 million) in a funding round led by co-founder and chairman Ronnie Screwvala. Existing investors Temasek, International Finance Corporation (IFC), and 360 ONE Opportunities Fund also participated in the round. 

upGrad posted a provisional profit after tax of Rs 38.8 crore during the 11 month period ended February 2026, compared to a loss of Rs 273.7 crore in FY25. The company also turned EBITDA positive at Rs 56.9 crore from a negative Rs 65.4 crore in the previous fiscal, while revenue from operations stood at Rs 1,531.7 crore during the period.

Founded in 2015, upGrad is a higher education and upskilling platform, while Unacademy is an online learning company focused on test preparation and professional education. The transaction is expected to create India's first combination of two edtech unicorns.