Social media giant Facebook joined hands with Sequoia India and General Atlantic to offer a fresh round of Series E funding worth US$110 million to the country’s most rapidly growing EdTech startup, Unacademy.
Unacademy’s existing investors – Nexus Venture Partners, Blume Ventures, and Steadview Capital also participated in this funding round. Even, Sujit Kumar (Co-founder; Udaan) and Kalyan Krishnamurthy (Flipkart; CEO) were a part of this funding round.
Gaurav Munjal, CEO & Co-founder of Unacademy, expressed his gratitude for all investors and added that Unacademy’s goal from the very start of its business journey has been to make education available to all by democratizing the nature of education in India.
Unacademy is a Bengaluru-based education technology startup that started its business journey in the year 2015. Today, Unacademy is redefining learning in the country. The company boasts of having 1 million+ education videos on its online platform. Also, it offers students with live classes and access to 30+ exam categories.
Last year (2019), Unacademy started its new initiative, i.e., a subscription plan through which learners/students could subscribe to multiple exam categories. The initiative was a grand success as 90 000+ active subscribers subscribed for the service, and nearly 70% of the subscribers were from the tier 2 & 3 cities of the country.
Unacademy plans to utilize the newly acquired funds to start many more exam segments, hire top educators, and enhance the quality of educational products & content.
In the year 2018, investors like Nexus Venture Partners, SAIF Partners, and Sequoia India funded Unacademy through Series C funding, and the company raised US$21 million. Again, the company could raise US$50 million in the year 2019 through Series D funding round.
Like Unacademy, other EdTech startups in India received funding too. For example, Vedantu raised US$24 million recently from GGV Capital while Coding Ninjas secured US$5.2 million through Series A funding round. Furthermore, companies like InterviewBit raised US$20 million from investors like Tiger Global and Sequoia India. Also, unicorn Byju’s raised US$200 million.
Keep an eye on the booming Indian EdTech space.