Edtech giant Unacademy has made a fresh infusion of $20 Mn in its group company Relevel. The investment comes almost four months after Unacademy launched Relevel, a platform that helps job seekers to find jobs after taking tests within 15 days.
Unacademy claims that Relevel has over 2.35 Lakh users and 100% placement rate for users who have qualified for its upskilling tests. At present, Relevel has 64 active companies across sectors on its platforms which have interviewed candidates on the basis of the tests.
Relevel claims that around 60% of users who have received job offers through the platform are freshers. Further experienced job-searchers who have got placed through the platform have received offers with up to a 150% pay hike. The startup further added that most of its users who have secured jobs are from Tier II and Tier III cities in the country.
At present, Relevel conducts three tests – Frontend Development, Backend Development, and Business Development for job seekers. The platform conducts all these tests within a day which includes MCQs, algorithmic tests and case studies. At times, test takers are also required to build a mini-app, after which the final round consists of a live interview conducted by an industry expert.
At present, Relevel is headed by Shashank Murali, founder of recruitment platform TapChief which was acquired by Unacademy earlier this year.
Among the companies that have partnered with Unacademy’s Relevel are startups such as upGrad, hyperlocal services unicorn Urban Company, marketing automation platform WebEngage, fintech startup Razorpay, Moengage, LeadSquared, SuprDaily among others.
Unacademy competes against the likes of skill assessment and counselling platforms such as AugLi, WheeBox, HackerRank, Scaler Academy, Rekrut India apart from traditional Linkedin, Naukri.com, Indeed.com and others.
Founded in 2015 by Gaurav Munjal, Hemesh Singh, and Roman Saini, Unacademy at present has over 50,000 registered educators and more than 62 Mn learners. The startup offers learnings in 14 languages across 5,000 cities. Unacademy in FY20 recorded INR 86 Cr revenue with a significant expense of INR 386.7 Cr resulting in a total loss of INR 300 Cr.
Unacademy last raised $10 Mn in its ongoing Series H round from Zeta founder Bhavin Turakhia and Dragoneer Investment Group last month. Unacademy has raised $440 Mn in its Series H round led by Singapore-based Temasek, SoftBank, General Atlantic and other angel investors at a valuation of $3.44 Bn.
Unacademy has also acquired 10 startups in the past ten years with the latest being Rheo TV in July this year. It had earlier acquired PrepLadder, Mastertree, CodeChef, Kreatryx, among others.
The edtech sector which has been growing stupendously on the back of the pandemic has seen four out of five Indian edtech unicorns emerge in the past year. Apart from Byju Raveendran-led BYJU’s Unacademy, Eruditas, UpGrad and Vedantu have crossed the billion-dollar valuation in the past one year. Vamsi Krishna led Vedantu is the new entrant to the unicorn club after it raised $100 Mn from ABC World Asia, Tiger Global and others.
When it comes to funding, in the third quarter of 2021, edtech startups have raised $1.4 Bn across 44 deals. As per an Inc42 Plus edtech report, the Indian edtech market is expected to reach $10.2 Bn by 2025 with K12 learning solutions accounting for 41% of the total edtech market.