Bengaluru-headquartered edtech startup Unacademy on Thursday (September 25) acquired a Union Public Service Commission (UPSC) test preparation platform Coursavy for an undisclosed amount.
With the acquisition, Unacademy plans to strengthen its position in the UPSC test prep market. Unacademy had entered India’s unicorn club, with its funding worth $150 Mn led by Japanese multinational conglomerate SoftBank. Unacademy’s valuation now stands at $1.45 Bn.
With the merger, Unacademy plans to conduct bi-monthly scholarship tests — Aspire — for UPSC aspirants, and also conduct knowledge sharing summits with UPSC toppers, top educators and experts from the field.
In August, the Board of Control for Cricket in India (BCCI) had roped in Unacademy as an official partner for the Indian Premier League (IPL) 2020 edition.
Commenting on the merger, Gaurav Munjal, cofounder and CEO, Unacademy, said, “As we grow and strengthen our position as the leader in the test prep market, bringing Coursavy on board will play a strategic role for Unacademy in the UPSC examination category. At Unacademy, we are striving to democratise education in India, and this acquisition is a step in that direction.”
Launched in January 2019 by Vimal Singh Rathore, Coursavy was started with the vision to make high-quality and affordable educational content accessible to UPSC aspirants through technology.
Coursavy Educators, including Vimal, will now teach on Unacademy and will also mentor existing educators on enhancing discipline amongst aspirants. The content from Coursavy will assist Unacademy Educators in their Live Classes and will help learners with their UPSC CSE preparation.
“At Coursavy we have created a 360-degree ecosystem where content, teachers, students, Live interactions and query resolution are connected in a daily discipline — empowering students to focus on their studies with a trust that all issues will be resolved by the Educator. We are thrilled to be a part of Unacademy and to be able to contribute to the mission of democratising knowledge. Access to the right resources, technology and teams will help us create an impact in the lives of millions of learners,” said Vimal Singh Rathore, CEO, Coursavy.
Unacademy’s Wave Of Acquisitions
Founded in 2015 by Gaurav Munjal, Hemesh Singh, Roman Saini and Sachin Gupta, Unacademy claims to have 30 Mn registered users and around 3,50,000 paying subscribers. The startup focuses on the K12 segment and also offers lessons for competitive exams preparation. In recent times, Unacademy has also begun offering lessons on skill development and chess.
In July, Unacademy acquired edtech startup Mastree to strengthen its presence in the K12 segment. Mastree is building a one-stop subscription product for STEAM (science, technology, engineering, arts and mathematics) courses, for classes 5–8. The Mastree acquisition came just a week after Unacademy had acquired another startup PrepLadder, which offers lessons for postgraduate medical entrance exam preparation. Earlier this year, the company also acquired Kreatryx to strengthen its presence in the GATE and ESE segment, and CodeChef, which offers programming courses for learners. It also acquired Turakhia’s CodeChef in June 2020.
By acquiring smaller edtech startups with niche offerings, Unacademy, along with its rival BYJU’S, is seen to be moving closer to becoming an edtech super apps.
According to the ‘Future Of India’s $2 Bn Edtech Opportunity Report 2020’, K-12 and test preparation combined will make 66% ($1.3 Bn) of the total online education market size in 2021. Skill development and online certification are expected to account for $463 Mn of the Indian edtech segment, growing at a CAGR of 38% from 2016-21.