The anticipated acquisition of Indian ed-tech platform Unacademy by higher education major UpGrad has officially been called off, primarily due to an inability to agree on valuation, as confirmed by UpGrad co-founder Ronnie Screwvala. This development, initially reported by Moneycontrol, marks the collapse of what could have been one of the largest consolidation moves in India's ed-tech sector. Discussions for the potential deal had been ongoing for months, with UpGrad reportedly proposing a share-swap transaction valuing Unacademy at $300-400 million. This figure represented a significant decrease from Unacademy's peak valuation of $3.4 billion in 2021, reflecting the broader correction in the ed-tech market post-pandemic. Unacademy had previously demonstrated efforts to stabilize its financials, including significantly reducing its annual cash burn from over ₹1,000 crore to around ₹100 crore and maintaining healthy cash reserves of approximately ₹1,000-1,200 crore. For UpGrad, the acquisition presented a strategic opportunity to expand into the competitive test preparation domain and gain access to Unacademy's substantial cash pile, particularly as UpGrad plans for an initial public offering (IPO) in 2027. However, the differing valuation expectations between the two companies proved insurmountable. This is not the first instance of Unacademy's acquisition talks failing over valuation, with previous discussions involving Allen Career Institute also falling through for similar reasons. The failed deal underscores the challenging funding landscape and consolidation trends within India's ed-tech industry, as companies navigate a recalibrated market after the pandemic-induced boom.