- Bangalore-based Edu-Tech Startup Unacademy has raised $150 million in a Series-F round led by Softbank.
- This funding has taken its valuation to $1.45 billion, the highest in the booming online learning category after Byjus.
- Existing backers General Atlantic, Sequoia India, Nexus Venture Partners, Facebook, and Blume Ventures participated in the round.
- With 30 million registered users and 350,000 paid subscribers, Unacademy has over 18,000 registered educators on the platform.
The Gaurav Munjal-led Edu-Tech Startup Unacademy has raised $150 million in a Series-F round led by Softbank, valuing the firm at $1.45 billion. Existing backers General Atlantic, Sequoia India, Nexus Venture Partners, Facebook, and Blume Ventures participated in the round.
The last funding round i.e., the Series E round which closed in February, this year valued the firm at $400 million. It raised $110 million, which saw the entry of Facebook as one of the investors back then.
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Due to a nationwide lockdown that saw schools close across the nation, India has seen a surge in the consumption of online learning solutions. Even in the unlock phases, students are dependent on online learning classes. This has led many parents to explore digital learning services alternatives for their kids.
After Byju’s, the Guarav Munjal-led firm has become the second Edu-Tech startup to surpass $1 billion in valuation and enter the coveted club of unicorns.
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“Our goal always has been to democratise knowledge and make it more affordable and accessible by getting the best experts of the world help everyone achieve their goals,” Gaurav Munjal tweeted.
The Ed-Tech segment has been one of the brighter spots for the Indian startup ecosystem as companies have dominated deal flows in recent months. The list is as follows:
- Toppr, which offers four products and services that are aimed at K-12 students, raised $46 million,
- On Monday, Eruditus, a platform that offers executive courses, raised $113 million in a Series D round led by Naspers and Leeds Illuminate Global Fund.
- The market leader, Byjus has raised around $545 million across four tranches in 2020.
- On the other hand, Vedantu also closed its $100 million funding round respectively.
With 30 million registered users and 350,000 paid subscribers, Unacademy has over 18,000 registered educators on the platform. The firm’s revenue for the month of April 2020 was higher than the 2017 and 2018 annual revenues, and the first half of 2019 combined.