Edtech unicorn upGrad has appointed Mukesh Mundra as its chief financial officer ahead of its proposed acquisition of Unacademy, valued at around ₹2,055 crore ($218 million), the company confirmed (inc42.com). Mundra joins upGrad from JioStar, where he was head of finance, bringing over 26 years of experience across media, telecom, manufacturing, and consumer sectors.
Mundra’s previous roles include CFO of Viacom18 for more than eight years and involvement in major deals such as the Spice Communications transaction and the formation of Indus Towers joint venture while at Idea Cellular. A chartered accountant and CFA, he will oversee upGrad’s finance and administration functions, including financial strategy, governance, business partnering, and operational scale-building as the company awaits Competition Commission of India approval for the Unacademy deal.
The acquisition marks a significant shift for Unacademy, whose valuation has dropped from a peak of $3.4 billion in 2021 to the current deal value. The all-stock transaction will enable upGrad to enter the online test preparation segment and broaden its offerings for existing users. Unacademy is expected to have cash reserves of ₹900-₹950 crore at the time of deal closure, which will support upGrad’s expansion plans amid a wave of consolidation in the edtech sector.
Following the appointment of Mundra, upGrad is positioned to strengthen its financial leadership as it integrates Unacademy. The company will focus on obtaining regulatory approvals and completing the acquisition, which is expected to play a key role in its future growth strategy and operational scale enhancement (inc42.com).