- With this acquisition, Unacademy will be able to expand its presence in smaller cities and towns.
- NeoStencil is an online test preparation platform that offers 500+ courses to nearly 1.1 million students.
Edtech unicorn Unacademy has acquired Gurugram-based online test preparation platform NeoStencil for an undisclosed amount to expand its presence in Tier 2 and Tier 3 cities.
This is the sixth acquisition of Unacademy after it acquired Kreatryx, CodeChef, PrepLadder, Mastree, and Coursavy.
Founded in 2014 by Kush Beejal and Love Beejal, NeoStencil is an online test preparation platform that offers live coaching classes for competitive exams, including UPSC, IES, State PSC, NET, GATE, among others.
The platform claims to partnered with 100+ institutions, offering 500+ courses to over 1.1+ million students. It further claims to have 1.5+ million students registered on its platform.
It works on an asset-light and scalable model which leverages technology to solve the problem of accessibility for students and teachers. The platform has helped over 100 coaching institutes go live, and over 15,000 paid students to enter classrooms from their homes.
In January 2017, NeoStencil had raised $1 million in a Series A funding round led by Brand Capital, 91springboard, Praveen Sinha, others. To date, It has raised over $1.1 million in funding, according to the CrunchBase reports.
Commenting on the acquisition, Gaurav Munjal, Co-Founder & CEO, Unacademy Group, tweeted, “Our mission at Unacademy is to democratize knowledge and while we have set out firmly towards that goal, we have a long way to go.”
“NeoStencil has offers 500+ Courses to millions of students. And we believe together we can create a huge impact and build products that help our Learners crack their goals,” he said.
“I have known Kush and Love for the past 3 years and have been fortunate to see their journey from the sidelines. It’s great to have them as a part of the Unacademy Group,” he added.
“Our resolve is to ensure that every aspirant has access to the best resources regardless of whether they live in a metropolitan city. Joining the Unacademy Group enables us to realize this vision by being a part of a larger movement, said Kush Beejal, Co-Founder & CEO of NeoStencil.
According to the company, Kush Beejal will continue to run NeoStencil while also finding synergies on how the two platforms can work together.
In September 2017, NeoStencil had acquired analytics-based TestCafe to boost its analytics testing capabilities. It currently has its offices in New Delhi, Gurugram, Hyderabad, USA, and Jaipur.