upGrad Education Private Limited has entered into a strategic acquisition of Unacademy Group for $206 million, marking a significant consolidation in the Indian online education sector. The transaction is primarily structured as a share swap, culminating in the eventual merger of Unacademy into upGrad.
Legal Counsel for Unacademy
Unacademy, along with its founders Gaurav Munjal, Roman Saini, Hemesh Singh, and Sumit Jain, was represented by JSA Advocates and Solicitors. The legal team was spearheaded by Partner Siddharth Manchanda, with key contributions from Principal Associate Riya Gupta, Senior Associate Aparimita Choudhary, and Associates Vaastu Tyagi and Aditya Jain.
Legal Representation for upGrad
The legal intricacies of upGrad’s acquisition were navigated with expertise by Khaitan & Co. The core transaction team included Partners Monika Srivastava and Sanchit Agarwal, supported by Principal Associates Jubin Jay and Chirag Mangal, as well as Senior Associates Deepansh Goyal, Shubhang Upadhyay, Aditi Gupta, Daanish Dube, and a team of associates. Specific legal areas were covered by Pranjal Prateek and his team on competition law, Abhinav Rastogi on employment law, Shailendra Bhandare on intellectual property, Supratim Chakraborty on data privacy, and Shabnam Shaikh on tax law.
River Law also played a pivotal role in advising upGrad. The in-house team from upGrad included Koell Hemdev, General Counsel and CHRO, Khushboo Shah, Company Secretary and Director of Legal, and Vaibhav Bhandari, Vice President and Group Finance Controller.
Involvement of Other Legal Firms
In addition to the primary advisers, Bharucha & Partners assisted General Atlantic in transferring its Unacademy shares via the share swap. Senior Partner Vandana Pai and Partner Ayush Jain led this transaction. Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co, Bombay Law Chambers, and CMS IndusLaw also participated in various capacities throughout this acquisition.
International counsel was provided by Gunderson Dettmer and Fenwick, ensuring compliance and strategic alignment on a global scale.
Strategic Implications of the Acquisition
This acquisition significantly enhances upGrad’s strategic position in the online education marketplace, expanding its offerings into online test preparation and K-12 learning. The merger of these two educational powerhouses is poised to create a formidable presence in India’s educational landscape.
Gaurav Munjal, Co-founder and CEO of Unacademy, will continue to lead the business alongside the upGrad executive team, ensuring a seamless integration of operations and vision.
