India has a new unicorn startup.
Edtech platform Unacademy has raised $150 million, led by SoftBank Vision Fund 2i , making its valuation to $1.45 billion.
Existing investors are also part of this round such as General Atlantic, Sequoia Capital, Nexus Venture Partners, Facebook, and Blume Ventures.
SoftBank Fundings in Indian Companies
SoftBank Vision Fund’s other big Indian portfolio companies include Oyo, Paytm, PolicyBazaar and Delhivery.
Where they will use this funding?
Unacademy plans to utilize the funds to launch new products and grow the organisation.
About Performance
In the last three months, Unacademy has recorded a 100% increase in its paid subscriber base.
Over 525,000 learners attempted various mock tests on the platform for competitive examinations.
Unacademy’s past major events
In February, Unacademy had raised $110 million from Facebook, General Atlantic, and Sequoia at a valuation of $510 million.
Also In July, it had acquired Chandigarh-based PrepLadder, a postgraduate medical entrance exam preparation platform, for $50 million.
As a part of its inorganic growth strategy, Unacademy had in March acquired Kreatryx (an online preparation platform for GATE and the Engineering Services Exam).
In October 2018, it had acquired WiFiStudy, an online learning platform on YouTube.
Market Ranking
It is the second most valued edtech startup after Byju’s, which is valued at $10.5 billion.
Comment from Founder and CEO
Learning from the best experts to achieve a life goal has mostly been a privilege, available only to those living in the top few cities of the country.
At Unacademy, we are breaking that barrier and helping people achieve their life’s most important goals by giving them access to the best coaching from experts in the field.
Comment from Managing Partner
By bringing quality education to a vast network of students for the first time, Unacademy is bridging the privilege gap in India.
Transaction Clearance
All documents related to the investment have been signed and the final closing is expected in the next few weeks.
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