Asian Edutech Platform Unacademy Raises $150 Million
SoftBank parks investment into Unacademy; the latest funding round puts Unacademy’s current evaluation at $1.45Billion USD.
Facebook-backed Indian edutech platform Unacademy has raised $150 million in its latest funding round, led by SoftBank. The company is funded by investors: SoftBank Vision Fund 2.i, General Atlantic, Sequoia Capital, Nexus Venture Partners, Facebook, and Blume Ventures. The latest funding would enable the edutech startup company to double-down on its efforts to democratize education across Asia, specifically targeting the students and trainers in India. The company plans to launch new education and learning products, building a highly-sophisticated and seamlessly accessible online class experience.
Currently, Unacademy is competing in the same edutech space as other startups:
- Zookal, and so on.
Big enterprise companies like Microsoft, IBM, Facebook, Salesforce, Google, NVIDIA, and others are tying up with world-class academic institutions and online learning and development platforms to promote science and engineering driving innovations of emerging technologies and their ‘sensible’ adoption across various sections of society.
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Currently evaluated at $1.45 Billion USD, Unacademy is the largest learning platform in India with a vast network of 18,000+ Educators and over 350,000+ subscribers. The company caters to the learning needs for 35+ competitive exams, besides important life goals such as Chess. Unacademy plans to utilize the funds to launch new products, and build a world-class team and organization.
At the time of this announcement, Gaurav Munjal, Co-Founder and CEO, Unacademy, said –
“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. We’re delighted to welcome SoftBank as a partner to that vision. We started with test preparation and with this partnership, we will launch other goals on our platform.”
SoftBank’s Managing Partner, Munish Varma added, “By bringing quality education to a vast network of students for the first time, Unacademy is bridging the privilege gap in India.”
Munish also said, “We are happy to partner them in their journey of helping students from all backgrounds succeed in the future.”
Sumer Juneja, Partner for SoftBank Investment Advisers, added, “We have been closely tracking Unacademy for the last 18 months and have been impressed by their growth, quality of product and consumer engagement. They are truly democratizing education in India and we look forward to helping them scale even further.”
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Unacademy is an education technology platform founded by Gaurav Munjal, Roman Saini, and Hemesh Singh in 2015.
The Unacademy Group consists of Unacademy, Unacademy Subscription, Wifistudy, Kreatryx, PrepLadder, CodeChef, Graphy, Chamomile Tea with Toppers and Let’s Crack it Brands.