Japanese firm SoftBank’s funding in Unacademy might see the Indian edtech platform grow to be a unicorn
Final week, Unacademy acquired one other edtech platform PrepLadder for $50 Mn
In February, Unacademy raised $110 Mn in a Sequence E funding spherical, led by Fb and Sequoia Capital India
Japanese multinational conglomerate SoftBank is reported to be in talks for investing $150 Mn-$200 Mn in Indian edtech platform Unacademy, at a pre-money valuation of $1.2 Bn.
Sources advised MoneyControl that the funding talks had been at a sophisticated stage. If the deal comes by means of, Unacademy could be elevated to the higher echelons of the Indian startup ecosystem. It might additionally grow to be the most recent entrant into the illustrious membership of Indian unicorns — startups with a valuation of $1 Bn or extra. Unacademy’s competitor within the edtech area, Byju’s can be a unicorn.
On July 7, Unacademy acquired PrepLadder, a postgraduate medical entrance examination preparation platform for $50Mn. Earlier this 12 months, it acquired edtech startup Kreatryx to strengthen its presence within the GATE and ESE segments within the check prep market, and Mumbai-based aggressive programming platform CodeChef.
The Indian edtech sector is likely one of the only a few which really witness a spurt in demand through the coronavirus lockdown. With colleges and faculties shut for the final three months and for the foreseeable future, the main focus has shifted to on-line studying platforms which might assist college students sustain with their research whereas lockdown and quarantine measures stay in place.
Unacademy has studying movies from educators for school-level programs to school entrance exams throughout streams, additionally for aggressive exams for entry into the civil providers and MBA programs. The platform noticed a 100% enhance in its subscribers throughout this era, with the typical every day watch time of academic movies on its platform additionally witnessing a 100% development.
In February, the Sequoia-backed startup raised $110 Mn in a Sequence E funding spherical led by Fb, Common Atlantic and Sequoia Capital India, taking its valuation to $510 Mn. This was after the Bengaluru-headquartered firm raised $50 Mn in June final 12 months, in its Sequence D funding spherical led by Blume Ventures, Nexus Enterprise Companions, Sequoia Capital India and Steadview Capital
Based in 2015 by Gaurav Munjal, Hemesh Singh, Roman Saini and Sachin Gupta, Unacademy is likely one of the main gamers within the Indian edtech market, estimated to be price $1.96 Bn by 2021. In line with Inc42 Datalabs, there have been 3,500 edtech startups in India in 2018. Between 2014 to 2018, 182 edtech startups had been funded with a complete of $1.34 Bn.