Edtech startup Unacademy has raised $110 million from Facebook, and US private equity firm General Atlantic. This places Unacademy’s valuation to $510 million.
Investors like Sequoia Capital, Nexus Venture Partners, Steadview Capital, and Blume Ventures also participated in the round. This was apart from investments by Flipkart CEO Kalyan Krishnamurthy and Udaan co-founder Sujeet Kumar.
Edtech startup Unacademy usually focusses on preparing students for competitive exams. They are likely to utilise the money to increase the number of competitive exams, and also bring top educators onto its platform, by improving the quality of content.
Reports say that Unacademy has over 90,000 active subscribers, who log in to be tutored through livestream by 10,000 educators on its platform. Unacademy also hosts video tutorials on YouTube, where as per them, it receives more than 150 million monthly views, and also acts as a funnel in bringing learners onto its platform.
Experts have said that around 70 percent traffic comes from tier 2 and tier 3 cities, especially because there is a lack of access of top educators. As of now, Unacademy has its content catering to 32 competitive exams.
With this investment, Unacademy becomes one of the most highly valued ed-tech startups in India. This was especially after ed-tech giant Byju’s was valued at $8.2 billion. Mark Zuckerberg’s foundation has also invested in Byju’s.