Indian online learning platform Unacademy has raised $440 million in a new financing round as investors double down on the South Asian market.
This is the largest funding round for Unacademy and highlights the growing investor interest in the ed-tech sector over the last two years.
The latest fundraise takes the valuation of Unacademy Group to USD 3.44 billion, it said in a statement.
Funding details
The funding round led by Temasek, with super pro-rata participation from General Atlantic, Tiger Global, and Softbank Vision Fund.
The Series H funding round also witnessed participation from Aroa Ventures, the family office of OYO Founder Ritesh Agarwal, and Deepinder Goyal, Co-Founder and CEO at Zomato.
Valuation
The new round will increase the valuation of the startup to $3.44 billion, an increase of 70 percent from $2 billion in December last year.
Over the last 18 months, the valuation of the Unacademy Group has risen almost 10X, one of the fastest growth rates witnessed by a mid-stage consumer internet startup in India, the statement said.
Proceeds of fund
The startup will deploy the fresh capital to broaden its bets on new categories such as upskilling, jobs and hiring.
Tweet from CEO
Gaurav Munjal, “With funding comes responsibility- to build and scale Iconic Products of the future that delight our customer; to constantly innovate and experiment; to create value for our shareholders; to not mis-sell in an industry which is known for its bad sales tactics.”
“There are three major products that we will build and scale (or continue scaling): Unacademy: helping people crack life-changing exams; Relevel: giving people a path to get their dream job irrespective of their educational background and; Graphy: empowering creators to build their online businesses to sell digital goods including NFTs,” he added.
About Company
Unacademy, founded by Gaurav Munjal, Hemesh Singh, and Roman Saini in 2015, started as a YouTube channel and has more than 50,000 registered educators and over 62 million Learners.
In 2020, the edtech space saw a major boom due to the coronavirus-led lockdown as students remained indoors.
While BYJU’S, the biggest edtech startup with a $16.5 billion valuation, has been on an acquisition spree, many startups beyond the K-12 segment have also started popping up.
Active users
Unacademy has amassed over 6 million monthly active users (over 600,000 of whom pay for the service) in over 10,000 cities in India.
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