At a time when most sectors are reporting a slowdown in business because of the Covid-19 pandemic, online education business or ed-tech is booming. More and more students are attending virtual classrooms and educational institutions are adopting digital learning. The ed-tech sector is now drawing the attention of investors as digital learning will grow and consolidate.
Facebook-backed Unacademy, a leading online learning platform in the country, has acquired a majority stake in the K-12 learning-focussed platform Mastree for $5 million (Rs 38 crore). This will be the company’s fourth acquisition. In June, it acquired medical education platform PrepLadder for $50 million, acquired online exam preparation startup Kreatryx in March and also acquired CodeChef, an online platform for coders.
For the records, in 2018, early-stage venture capital WaterBridge Ventures, which had invested $1 million in Unacademy in 2016, exited. It got a return of five times on its investment. Unacademy paid the money from the $21 million (Rs 144 crore) investment from Sequoia, Nexus and SAIF Partners as part of Series C round of funding.
In February 2020, Bengaluru-based Unacademy raised $110 million (Rs 787 crore) from Facebook, US-based private equity firm General Atlantic and other investors including Sequoia Capital India, Nexus Venture Partners, Steadview Capital and Blume. Even in June 2019, the company received funding of $50 million as part of its Series D round from Steadview Capital, Sequoia, Nexus, Blume and others. There are various media reports which say that Japanese investment giant SoftBank is in advanced talks to invest up to $200 million in the company at a valuation of $1.2 billion.
About Unacademy Group
Unacademy is an education technology platform founded by Gaurav Munjal, Roman Saini, and Hemesh Singh in 2015. It started as a YouTube channel. Unacademy Group consists of Wifistudy, Kreatryx, PrepLadder, and CodeChef. The objective of the company is to bring quality and affordable education to students by enabling them to learn from India’s top educators. At present, the platform currently has over 20,000 educators, 30 million students and caters to over 35 exam categories. Unacademy has ventured into numerous fields like banking, CA, CAPF, UPSC, CLAT, CAT, JEE, pre-medica, etc.
Rising importance of ed-tech
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