Online learning platform Unacademy has raised a round of funding of $110mn (Rs 790 crore) with new investors Facebook and General Atlantic along with Sequoia India, Nexus Venture Partners, Steadview Capital and Blume Ventures. Kalyan Krishnamurthy, CEO, Flipkart and Sujeet Kumar, co-founder, Udaan also participated in this round of funding.
Unacademy will utilise the funding to further penetrate into the test preparation categories, launching more exam categories, acquiring top educators, and creating exceptional learning experiences for the learners through great content and product.
In addition to raising the funding, Unacademy also provided exits to some of the angel investors.
Gaurav Munjal, Co-Founder and CEO, Unacademy, said, “Our goal from day one has been to democratise 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. We thank General Atlantic and Facebook who have joined us in this journey and our existing investors who continue to be a part of the journey by supporting us. Our goal is to democratise education and become not just the largest educational organisation but the largest consumer internet story out of India.”
Unacademy started in 2015, as a platform for educators and learners with educators creating educational videos and offering Live interactive classes with access to more than 30 exam categories for the learners. Unacademy now has more than 1 million videos on its platform. Currently the platform has over 10,000 educators who have created educational videos on Unacademy. In 2019, Unacademy launched its subscription for various examinations which gives access to the learners throughout the country to top educators and structured learning. Within a span of one year, Unacademy has more than 90,000 active subscribers. 70% of our users are from tier 2 and tier 3 cities. More than 700 educators take classes on Unacademy every day. We have seen great outcomes across various examinations like NTA, UGC and CSIR recently.
Ajit Mohan, Vice-President and Managing Director, Facebook India, said, “Facebook is an ally for India's economic growth and social development, and we are excited about India and it’s 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 democratising education and driving innovation in new learning models”.