Present traders Tiger World, Dragoneer Funding Group, Steadview Capital and Basic Atlantic have elevated their stake within the firm
As a part of the spherical, the traders have acquired further shares value $50 Mn
For FY20, the startup recorded a 4x enhance in income from INR 21.eight Cr in FY2019 to INR 86 Cr in FY2020 and a web lack of INR 300 Cr
Bengaluru-based edtech startup Unacademy has raised further funds in a secondary transaction spherical by which current traders Tiger World, Dragoneer Funding Group, Steadview Capital and Basic Atlantic have elevated their holdings within the firm. As a part of the spherical, the traders have acquired further shares value $50 Mn, the corporate introduced.
Unacademy final raised funds in November 2020 in a enterprise spherical led by Dragoneer and Tiger World. Earlier than the current funds raised, the five-year-old startup had raised $348.5 Mn from 9 funding rounds, with the earlier spherical valuing the startup at over $1 Bn.
Based in 2015 by Gaurav Munjal, Hemesh Singh, Roman Saini and Sachin Gupta, Unacademy focuses on the Ok12 section and in addition presents classes for aggressive exams preparation. In current instances, it has additionally begun providing classes on ability improvement and chess. The corporate claims to have greater than 3,50,000 paying subscribers, and 40 Mn customers.
Unacademy claims to be conducting 1,50,000 reside courses every month on its platform, with greater than 48,000 educators instructing in 14 Indian languages.
For FY20, the startup recorded a 4x enhance in income from INR 21.eight Cr in FY2019 to INR 86 Cr in FY2020. But it surely additionally reported a 3.4x enhance in its bills to INR 386.7 Cr, resulting in a web lack of INR 300 Cr. Compared, the corporate had reported INR 112 Cr in bills and INR 90 Cr web loss in FY2019.
Within the 12 months passed by, Unacademy was the highest acquirer amongst Indian startups, having acquired six edtech startups. These have been PrepLadder, CodeChef, Kreatryx, Coursavy, Mastree and NeoStencil. The startup additionally entered the unicorn membership, when in September, it raised $150 Mn from Japan-based SoftBank Imaginative and prescient Fund.
The edtech sector additionally emerged as one of many 4 greatest performing sectors when it comes to funding raised by Indian startups. In 2020, Indian edtech startups raised whole funding value $1,434 Mn. When it comes to the variety of funding offers, edtech ranked third, with 101 funding offers within the sector. Furthermore, of the 81 mergers and acquisitions (M&As) witnessed within the Indian startup ecosystem in 2020, edtech had the biggest share, accounting for 16% of M&As or 13 offers within the sector.