ⓘ Image details: A file-photo of Unacademy team with Prof. Sushil Vachani; Credits: Blog.Unacademy.com
Bengaluru-based edtech startup Unacademy today raised $110 million in a series E round led by US-based General Atlantic and social media behemoth Facebook. Existing investors Sequoia, Blume Venture Partners, Nexus Venture Partners, and Steadview capital also participated in the round. According to a latest report published by TechCrunch says that Facebook has invested around $20 million in the Indian education startup Unacademy. The company in a statement today also mentioned that Kalyan Krishnamurthy, CEO of Flipkart and Sujeet Kumar, Co-founder of Udaan also participated in the funding round.
The company is planning to deploy fresh funds to expand into test preparation categories, launch more exam categories, and to acquire top educators to spruce maximum value for its students.
Alongside the latest funding deal, the company also witnessed exits from a few angel investors.
Commenting on the investment round, Gaurav Munjal, Co-founder & CEP of Unacademy shared a few numbers about the current state of the startup and thanked the investors involved in the funding round.
“Our goal from day one has been to democratise education and make quality education accessible to everyone. We are seeing great learning outcomes through our subscription where learners can take live classes by these educators. We now have more than 90,000 active subscribers. We thank General Atlantic and Facebook who have joined us in this journey and our existing investors who continue to be a part of the journey by supporting us. Our goal is to democratise education and become not just the largest educational organisation but the largest consumer internet story out of India”.The Economic Times
Affirming the growth potential of Unacademy, Ajit Mohan, Vice President and Managing Director of Facebook India said…
“We love that the company is fundamentally democratising education and driving innovation in new learning models,”The Economic Times
Unacademy – in numbers
Started in 2015 by Gaurav Munjal, Hemesh Singh, and Sachin Gupta, Unacademy is a platform for educators and learners where educators create videos and offer interactive live sessions for over 30 exam categories for students. The platform claims to have an inventory of over 1 million videos which bring over 150 million video views every month; a base of over 10,000 educators and 13 million learners as of the report published by TechCrunch back in June 2019.
According to Crunchbase, the platform has raised about $198.5 million until now