India’s EdTech startup Unacademy has raised an undisclosed amount from Tiger Global Management and Dragoneer Investment Group in its latest funding round, at a valuation of US$ 2B on 25 November 2020.
The funding round is between US$ 75 million to US$ 100 million in size. The valuation of the company has risen up from about $500 million in February this year when Facebook joined its list of backers and US$ 1.45 billion in September, in a round led by SoftBank.
Unacademy is an online learning platform in India. The Bangalore-based startup focuses on K-12 online education. It helps students prepare for competitive exams, as well as those who are pursuing graduate-level courses. Students can watch live classes from educators and later engage in sessions to review topics in more detail.
Unacademy has over 47,000 educators, who teach students in 5,000 cities in India in over 14 languages. The company also joined the unicorn club this year, amidst the pandemic.
Unacademy claims to have recorded a 100% increase in its paid subscriber base, with the average daily watch time across Unacademy platforms also witnessing a 100% increase. The monthly watch time minutes on its platform has also increased to reach an all-time high of over 1 billion.
“Our mission from Day One has been to democratize education and make it more affordable and accessible. We have consistently built the most iconic products that deliver high-quality education to everyone. Today, I’m delighted to welcome Tiger Global and Dragoneer as our partners in the journey. They are both marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives,” said Gaurav Munjal, co-founder and chief executive of Unacademy.
What Investors have to say
“The opportunity to improve lives through online education is enormous because of its sheer accessibility. The Unacademy team has innovated rapidly to build a leading platform that is taking education to the farthest corners of India. We are very excited to partner with Unacademy and look forward to seeing it scale further,” said Scott Shleifer, Partner at Tiger Global.
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