Unacademy raises $110M funding led by General Atlantic, Facebook & Sequoia

Facebook backs Indian education startup Unacademy

Facebook backs Indian education startup Unacademy

With this investment in Unacademy, we are reinforcing our commitment to the Indian start-up ecosystem as well as investing in a company that is transforming learning in India.

Unacademy received $110 million in Series E from investors led by NY private equity firm General Atlantic. Flipkart's CEO Kalyan Krishnamurthy and Udaan cofounder Sujeet Kumar also participated in the round, which according to sources, valued the company between $400-500 million. Unacademy expects to earn an annual recurring revenue of Dollars 250-300 million (around Rs 1,775 crore to Rs 2,130 crore) on the back of rise in paid subscribers and expansion of its offerings.

Unacademy will utilise the funding to further penetrate into the test preparation categories, launching more exam categories, acquiring top educators, and creating exceptional learning experiences for the learners through great content and product. The new round of funding signifies the increasing attractiveness of education technology sector and also Unacademy, which had closed its previous round of funding in June.

Unacademy, one of the fastest-growing ed-tech start-ups in India, has now been backed by the biggest social media company in the world - Facebook. "We do so by providing the best educators and content on our platform and ensuring that it is accessible to everyone across the country", he said.

A year ago, the startup launched a subscription service that offers students access to all live classes. Gaurav Munjal, co-founder and chief government of Unacademy, tweeted earlier this month that the subscription service had grow to be a $30 million ARR enterprise. We now have more than 90,000 active subscribers.

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Since its early days, Unacademy has been providing students a platform to connect with top educators in the country through live classes and recorded sessions.

The company also hosts video tutorials on YouTube, which it says receives over 150 million monthly views and acts as a funnel in bringing learners onto its platform.

Within a span of one year, Unacademy has more than 90,000 active subscribers with 70 per cent of its subscribers coming from tier-2 and tier-3 cities.

Ajit Mohan, Vice President, and Managing Director, Facebook India said, "Facebook is an ally for India's economic growth and social development, and we are excited about India and it's rapidly rising Internet ecosystem".

The company now has a total funding amount of nearly $200 million, according to Crunchbase, and the source for TechCrunch said that the Unacademy is now valued at $400 million. This was especially after ed-tech giant Byju's was valued at $8.2 billion.

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