A GRU is a simplified LSTM that uses two gates instead of three, trading a little expressiveness for faster training and fewer parameters.
An LSTM has three gates and a separate cell state. A GRU merges these into two gates, which trains faster and usually performs comparably.
A gated recurrent unit is a simplified LSTM. It uses two gates instead of three and drops the separate cell state, which makes it smaller and faster to train.
The interesting result is how little that simplification costs. On most tasks a GRU matches an LSTM, and on smaller datasets the reduced parameter count sometimes helps.
Think of it like this. Think of a camera with two dials instead of five. You lose some fine control and you take the shot faster, and in most conditions the photograph is just as good.