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ARTICLE · 23 OCTOBER 2026

CCI Unconditionally Approves UpGrad’s Acquisition Of Sorting Hat Technologies (Unacademy)

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upGrad operates in India and overseas across formal and non-formal education. In India, it provides study abroad services, partners with universities to offer certificate courses, offers upskilling courses, and provides internship and recruitment services. Sorting Hat, the Unacademy group, is present in non-formal education and test preparation.

IndiaAntitrust/Competition Law
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Combination Registration No. C-2026/05/1419, upGrad Education Private Limited (‘upGrad’), Sorting Hat Technologies Private Limited (‘Sorting Hat’) and the 22 institutional sellers (‘Institutional Sellers’)

Proposed Transaction

upGrad operates in India and overseas across formal and non-formal education. In India, it provides study abroad services, partners with universities to offer certificate courses, offers upskilling courses, and provides internship and recruitment services. Sorting Hat, the Unacademy group, is present in non-formal education and test preparation.

The proposed combination comprised two steps. First, through a share swap with the 22 Institutional Sellers, upGrad would acquire 80.52% of Sorting Hat on a fully diluted basis, while the Institutional Sellers would receive compulsorily convertible preference shares representing 9.09% of upGrad. Second, Sorting Hat would merge into upGrad.

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