The highly competitive Indian EdTech sector to get even more competitive as Softbank and Facebook backed Unacademy, the second most valuable EdTech platform in India decides to grow inorganically. The company since last year has bought 5 firms announced that it has acquired the professional networking platform TapChief for a sum of Rs 100 crore. Unacademy started as a YouTube channel and was incorporated into a company in 2015. WIFIStudy an online study platform for government exams was the first company to be acquired by Unacademy in 2018. The company evolved into a unicorn primarily due to the $150 million investment lent by Soft bank and the pandemic infused demand for w learning. The main competitors in this segment are Byju’s, Toppr, and Vedantu.
Tapchief employs over 1 lakh professionals through its platform. Democratize education and making learning affordable and accessible for everyone is stated as the endeavor at Unacademy. Similarly, Tapchief shares a similar philosophy which is evident from the open community of professors and learners that is created. CEO and co-founder of Unacademy Gaurav Munjal spoke in a statement that the 4-year-old company served more than 150 customers in different sectors such as education, FMCG, e-commerce, etc.
Unacademy has bought Kreatyrx in march 2020. Kreatyrx offered products such as coaching for common entrance exams, online test series, video courses, and postal courses. Later in June, the company bought serial entrepreneur and CodeChef which taught competitive programming to programmers. PrepLadder an online medical entrance preparation platform was acquired for $50 million and UPSE CSE preparation platform Coursavy in September. Test preparation start-up Neostencil was acquired for an undisclosed amount in December.
Unacademy currently has 49000 registered educators and a 40 million learner strong network. The company is backed by Tiger Global, Dragoneer Investment Group, General Atlantic, Sequoia India, SAIF Partners, Nexus Venture Partners, Steadview Capital, and Blume Ventures in the past years.
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