UNACADEMY, INDIAN EDTECH UNICORN RAISES $440 MILLION IN SERIES H ROUND, VALUED AT $3.44 BILLION2 years ago Rituka M
A brand that began as a Youtube educational channel in 2010, grew to become a leading online learning platform Unacademy, founded in 2015 & operated by Sorting Hat Technologies Pvt. Ltd. Envisioned by Gaurav Munjal, Hemesh Kumar Singh, and Roman Saini, this Bangalore-based startup focuses largely on various college & government competitive entrance exams & board exams through structured learning courses with daily live & recorded classes.
On August 2, 2021, Unacademy announced a raise of $440 Million in its Series H funding round led by Temasek Holdings with participation from existing investors General Atlantic, Softbank Vision Fund, Tiger Global, Mirae Assets, Aroa Ventures, Deepinder Goyal, CEO, Zomato, and Ritesh Agarwal, Founder, OYO. According to Omidyar Network India, a VC firm and Red Seer, a research firm’s joint report, the post-K-12 market segment is estimated to grow by 3.7x to create a $1.8 Billion market. The latest investment has increased the valuation of Unacademy ($2 Billion) by 70%, valuing the company at $3.44 Billion. The company has grown to build a network of over 50 million active learners across 5000 cities, with over 50,000 registered educators, and intends to utilize the latest funds towards scaling products & building a variety of offerings. Amidst the pandemic, the online education market has been hysterically booming with companies going on acquisition sprees. Unacademy, over the last 16 months has acquired small-medium-sized edtech startups, WiFIStudy, an online educational & career portal, Kreatryx, a video-test series & tracking platform for GATE & ESE exams, CodeChef, a coding & programming educational platform, PrepLadder, a platform for medical entrance exam prep, Mastree, a one-stop subscription product for STEAM for classes 5-8, Coursavy, UPSC exam prep platform, NeoStencil, exam prep platform for government jobs, Tapchief, online platform for part-time jobs, Handa ka Funda, an online course provider for MBA entrance exams, and Rheo TV, a live game streaming platform.
Additionally, Unacademy also announced a Teacher Stock Options Plan (TSOP) for its educators. As per the scheme, the company will grant over $40 million to all educators on its platform over the next few years. According to Gaurav Munjal, Co-Founder, Unacademy, over 300 educators are already eligible for the grant which they will get immediately. This is in line with the recent trend of ESOP buybacks & a welcome and appreciated move given the recent economic atmosphere.
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