Unacademy has secured a new $440 million round headed by Temasek, valued at $3.44 billion post-money. General Atlantic, Tiger Global, and SoftBank Vision Fund all contributed to the investment, which is part of the company’s series H financing round.
Unacademy stated through a statement on Monday that Mirae Asset, Aroa Ventures, the family office of Oyo founder Ritesh Agarwal, and Zomato CEO & co-founder Deepinder Goyal have all participated in the fundraising round, which also offered some of the company’s angel investors an exit.
The financing comes more than six months after the tech company completed a secondary deal in which a group of investors, including Dragoneer Investment Group & Tiger Global bought additional shares worth around $50 million from current investors. Unacademy, which became a unicorn in September of last year when SoftBank led a $150 million investment, was last valued at $2 billion in November of last year when it obtained another $75-$100 million in funding from investors.
Unacademy has received approximately $850 million in funding from investors. The company claims that its value has increased nearly tenfold in the previous 18 months. Gaurav Munjal, the founder of Unacademy Group, stated in a tweet that the new funding will be utilized to create and grow a variety of product offerings. While investments in the core test prep business will continue, a significant portion of the funds will be used to expand products such as Relevel, a hiring test platform that allows job seekers to demonstrate their skills through tests and secure employment in companies, and content platform Graphy.
Unacademy was founded in 2010 as a YouTube channel by Gaurav Munjal and now boasts a network of over 50,000 registered educators and over 62 million learners spread across 5,000 cities. The educational technology industry is humming with activity. Byju’s, which raised $1.5 billion in tranches from a flurry of high-profile investors early this year, has spent more than $2 billion on acquisitions so far this year. In 2021, the ed-tech sector has already received $1.86 billion in investment.
According to analysts, the Indian ed-tech business will expand 3.7 times in the following five years, from $2.8 billion in 2020 to $10.4 billion in 2025. By 2025, the category will have more than 37 million paying subscribers according to a report by EY-IVCA.
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