- Unacademy has raised $110 million in Series E funding at a valuation of more than $500 million
Unacademy has raised $110 million in Series E funding at a valuation of more than $500 million, according to Livemint’s sources. With this round of funding, Unacademy will use the funds to launch more test preparation categories, hire more teachers, and enhance its products.
Facebook and General Atlantic were the new investors in this round.
“Unacademy’s live classes platform disrupts and democratizes the learning process in an unmatched manner, with the more than 18 million students who engage with the company’s content underscoring its quality. Multilingual classes, practice tests, peer discussions and comprehensive coverage of over 30 exam categories is also leading to accelerated adoption of the company’s subscription plan, Unacademy Plus,” explained General Atlantic managing director Shantanu Rastogi.
And Sequoia India, Nexus Venture Partners, Steadview Capital and Blume Ventures also participated in the round along with Flipkart CEO Kalyan Krishnamurthy and Udaan co-founder Sujeet Kumar.
“Our goal from day one has been to democratize education and make quality education accessible to everyone. We do that by bringing the best educators and content on our platform and ensuring it is accessible to everyone across the country. We are seeing great learning outcomes through our subscription where learners can take live classes by these educators. We now have more than 90,000 active subscribers… Our goal is to become not just the largest educational organisation, but the largest consumer internet story out of India,” said Unacademy co-founder and CEO Gaurav Munjal via Livemint.
Founded in 2015 by Munjal, Roman Saini, and Hemesh Singh, Unacademy launched as a platform for educators creating learning materials and offering interactive classes. Now Unacademy has over 1 million videos and over 10,000 teachers. Plus the company said 70% of its users are from Tier 2 and Tier 3 cities in India.
“Facebook is an ally for India’s economic growth and social development, and we are excited about India and its rapidly rising internet ecosystem. With this investment in Unacademy, we are reinforcing our commitment to the Indian startup ecosystem, as well as investing in a company that is transforming learning in India. We love that the company is fundamentally democratizing education and driving innovation in new learning models,” added Ajit Mohan, vice president and managing director at Facebook India.
