Bengaluru-headquartered edtech startup Unacademy has raised an undisclosed amount in an investment round from Tiger Global Management and Dragoneer Investment Group.
With its latest round of funding, the company’s valuation stands at $2 Bn, up from $1.45 Bn in September when it had last raised funds worth $150 Mn led by Japanese multinational conglomerate SoftBank and it also saw participation from existing investors Facebook Inc, Sequoia Capital, Blume Ventures and Nexus Venture Partners.
Founded in 2015 by Gaurav Munjal, Hemesh Singh, Roman Saini and Sachin Gupta, Unacademy claims to have 40 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 February it had last raised funds worth $110 Mn in a Series E round.
“Our mission from Day One has been to democratise education and make it more affordable and accessible. We have consistently built the most iconic products that deliver high quality education to everyone. Today, I’m delighted to welcome Tiger Global and Dragoneer as our partners in the journey. They are both marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives,” said Gaurav Munjal, cofounder and CEO, Unacademy.
The edtech startup claims to have more than 47K educators who are teaching in over 14 Indian languages across 5K cities. Over 150,000 live classes are conducted on the platform each month and the collective watch time across platforms is over 2 Bn minutes per month.
“The opportunity to improve lives through online education is enormous because of its sheer accessibility. The Unacademy team has innovated rapidly to build a leading platform that is taking education to the farthest corners of India. We are very excited to partner with Unacademy and look forward to seeing it scale further,” said Scott Shleifer, Partner at Tiger Global.
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.