Samay Raina Roasts Gaurav Munjal Over Unacademy’s $200 Million Sale — Founder Fires Back

What happened?

A major Indian startup acquisition has unexpectedly turned into a viral comedy moment after Samay Raina roasted his friend and Unacademy co-founder Gaurav Munjal.

Unacademy has been acquired by upGrad in a deal worth just over $200 million.

Soon after the deal became public, Samay shared a picture with Gaurav and jokingly congratulated him for selling the company for around $200 million when Unacademy had once been valued at $3.44 billion.

The joke quickly spread across social media.

What exactly did Samay Raina say?

Samay's post was essentially a sarcastic congratulations.

He pointed out the enormous difference between Unacademy's former $3.44 billion peak valuation and the roughly $200 million value of its acquisition.

Instead of presenting the transaction as a conventional startup success story, Samay turned that difference into the punchline.

And because Samay and Gaurav know each other personally, the post felt more like a friend roasting another friend than a serious attack.

How did Gaurav Munjal respond?

Gaurav did not appear offended.

Instead, he joined the joke.

Responding publicly on X, the Unacademy co-founder wrote:

“Who needs enemies when you have such friends :)”

That response helped the exchange spread even further.

Rather than defending the valuation or arguing with Samay, Gaurav acknowledged the roast with another joke.

Did Unacademy really sell for $200 million?

Yes — although “just over $200 million” is more accurate.

upGrad has completed its acquisition of Unacademy in an all-stock transaction valued at approximately $206 million.

The transaction represents a dramatic difference from Unacademy's peak valuation.

In 2021, during India's pandemic-era edtech boom, Unacademy was valued at approximately $3.44 billion.

The eventual acquisition valuation is therefore roughly 94% below that peak.

What did Gaurav Munjal say about the valuation drop?

Interestingly, Gaurav himself has been unusually open about it.

While announcing the completed transaction, he acknowledged that Unacademy had raised money when valuations were extremely high but was ultimately sold for a fraction of its previous valuation.

He did not attempt to hide the difference between the two numbers.

Instead, he said he remained proud of what the team had built between those milestones.

Why did Unacademy's valuation fall so much?

The story is bigger than Unacademy alone.

Online education experienced enormous growth during the COVID-era lockdowns.

Companies expanded rapidly as millions of students moved toward digital learning.

Investors poured money into the sector and valuations climbed dramatically.

But when schools, colleges and physical coaching centres reopened, the market changed.

Online demand cooled and several Indian edtech companies were forced to cut costs, restructure their businesses and reconsider the aggressive growth assumptions of the pandemic years.

Unacademy went through that adjustment too.

Was Unacademy forced to sell?

According to Gaurav Munjal, no.

He said the company had around ₹900 crore in the bank and annual revenue of roughly ₹400 crore, with most businesses profitable or close to profitability.

That meant Unacademy could have continued independently.

Munjal has presented the upGrad combination as a strategic decision rather than a distressed sale forced by an immediate shortage of cash.

What happens to Unacademy now?

The Unacademy brand is expected to continue.

The acquisition brings the company into upGrad's larger education ecosystem and gives upGrad a stronger presence in online test preparation.

Unacademy's offerings include preparation for major competitive examinations such as UPSC, JEE, NEET and GATE.

Gaurav Munjal is also expected to continue leading Unacademy as CEO.

Why did Samay's joke go viral?

The numbers make the joke immediately understandable.

$3.44 billion at the peak.

Just over $200 million at acquisition.

Even someone who doesn't closely follow startup valuations can understand the enormous difference.

Add Samay Raina's reputation for roast comedy and Gaurav Munjal's willingness to laugh at himself, and a complicated business transaction suddenly becomes a simple internet moment.

What you should know

Unacademy has officially been acquired by upGrad for just over $200 million after once reaching a peak valuation of $3.44 billion.

Samay Raina turned that valuation difference into a viral joke by teasing his friend Gaurav Munjal about not selling the company when it was worth significantly more.

Instead of getting defensive, Munjal replied:

“Who needs enemies when you have such friends :)”

Behind the joke, however, is a much bigger story about India's startup ecosystem.

Unacademy's journey from a $3.44 billion valuation to a roughly $206 million acquisition reflects just how dramatically the Indian edtech market has changed since its pandemic-era boom.