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In an internal email to employees, accessed by Moneycontrol, founder Gaurav Munjal outlined the shift as part of a wider cost reset and operating overhaul following the collapse of months-long acquisition talks with rival upGrad.
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Sources told Moneycontrol that Munjal and Roman Saini were in talks to raise about $17 million for the new venture from Peak XV Partners and Blume Ventures, and a dozen marquee founders.
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UpGrad's Ronnie Screwvala confirmed to Moneycontrol that the deal to buy Unacademy is off.
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The decision comes amid valuation markdown concerns and ongoing acquisition talks with upGrad.
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This comes as the edtech firm negotiates a potential all-stock sale to UpGrad, reported first by Moneycontrol, while restructuring its leadership and grappling with a sharp markdown
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The move follows Unacademy’s leadership transition, with co-founder Sumit Jain heading test prep, and Gaurav Munjal and Roman Saini set to lead AirLearn independently.
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The move comes four months after Gaurav Munjal stepped back from day-to-day roles, as Unacademy advances its succession plan and sharpens focus on unit economics
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With cash burn down, Munjal said that Unacademy is steering clear of acquisition-led growth – calling it a failed strategy in edtech – to focus instead on core business profitability, product innovation, and disciplined execution
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The attendees included prominent startup ecosystem figures like Paytm’s Vijay Shekhar Sharma, Unacademy’s Gaurav Munjal, Fractal’s Srikanth Velamakanni, Ixigo’s Aloke Bajpai, HeathifyMe’s Tushar Vashisht, and Aakrit Vaish - advisor to the India AI Mission
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With $170 million in cash reserves and no debt, Unacademy reportedly has a financial runway exceeding four years, Gaurav Munjal said.
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Despite achieving a 100-day streak on Duolingo for Spanish, Gaurav Munjal confessed that he was unable to speak or write the language fluently. He attributed this to the app's oversimplified approach and lack of focus on fundamental grammar concepts.
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Gaurav Munjal, CEO of the ed-tech platform Unacademy, took to social media to share his excitement after securing tickets for British band Coldplay’s much-anticipated concert in India. As soon as the band announced their return to India, set for January 2025, fans across the country erupted in joy, flooding social media with excitement and plans to attend.
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In his virtual address, Gaurav Munjal acknowledged that while 2023 was an average year for Unacademy, 2024 had been slightly better but still below expectations.
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The Unacademy head has gathered support from business leaders such as Ola Electric founder-chairman Bhavish Aggarwal and the founder-CEO of Oyo Ritesh Agarwal.
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Unacademy's 250 job cuts affected 100 employees from core functions such as marketing, business, and product, with the remaining 150 from sales, sources said.
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The crux of Gaurav Munjal’s critique of Byju Raveendran, the founder of Byju’s, centered on his leadership approach.
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Writing on X (formerly Twitter) on Friday, Unacademy CEO Gaurav Munjal recently referred to Bengaluru as India's best city and added that everyone that he had met recently wanted to move to the Karnataka capital.
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Writing on X (formerly Twitter), Unacademy CEO Gaurav Munjal said that building business in India was a long game and admitted that it took 15-20 years to build an iconic company.
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'The goal of tech parks in Mumbai and Delhi should be to convert people to go to Bangalore,' said Unacademy founder Gaurav Munjal who studied in Mumbai before moving to Bengaluru.
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Writing on X (formerly Twitter), the doctor wrote in response to Gaurav Munjal's earlier query in which he asked the man whether he was referring to NEET, JEET and United Public Service Commission (UPSC) exams as dumb.
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Unacademy currently has Rs 1,800 crore in the bank.
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Purri has 25 years of experience in leadership roles across industries and driving large-scale changes that transform businesses by keeping people at the centre.
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Unacademy founder Gaurav Munjal shared snippets from the week-long event where several entrepreneurs interacted with Rishi Sunak.
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Our daily TLDR of important AI stories you must know about.
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Gaurav Munjal's tweet reacting to Sam Altman's comments about India building a ChatGPT-like tool generated numerous comments, with many agreeing with his views.
