**Unacademy Set to Join upGrad in Naija's EdTech Consolidation** In another development in Nigeria's evolving EdTech space, Unacademy, a renowned online learning platform, is on the verge of being acquired by its rival, upGrad, in a massive share-swap deal. This move is part of the ongoing consolidation in India's EdTech sector, which has been witnessing significant changes since the pandemic era. According to Unacademy's co-founder and CEO, Gaurav Munjal, the companies have sealed a term sheet for the acquisition, with the valuation to be disclosed only after the transaction is completed. This announcement comes on the heels of Munjal's earlier statement that Unacademy's valuation had dropped below $500 million – a significant decline from its 2021 peak of $3.5 billion. The Nigerian EdTech space has its own unique story, with platforms like Coursera, Udemy, and even local players like Andela and Edufun Learning, all vying for a share of the market. However, the Indian EdTech sector, which has been facing a similar slowdown, is witnessing a wave of consolidation, with Unacademy being the latest to join the bandwagon. In an exclusive statement, upGrad co-founder Ronnie Screwvala revealed that Munjal will continue to steer Unacademy after the acquisition, and that the combined entity will have a strengthened integrated model spanning K-12 education, upskilling, and lifelong learning. The two companies have agreed to a break fee in case the deal falls through. Unacademy, founded in 2015, rose to prominence during the pandemic, when millions of Nigerian students turned to online learning platforms. However, as classrooms reopened, the company had to restructure its business, reduce costs, and lay off employees to stay afloat. The acquisition is seen as a strategic move by upGrad to strengthen its position in the market, leveraging Unacademy's expertise and resources. This development is a testament to the evolving EdTech landscape in Nigeria and India, where consolidation and innovation are the key drivers of growth. As the EdTech sector continues to mature, it will be interesting to see how Unacademy and upGrad navigate this new landscape together.