Economy

Unacademy bags $1.5 billion valuation in $150 million round

Unacademy bags $1.5 billion valuation in $150 million round”

Learning platform Unacademy has raised an investment of $150 million in a round led by SoftBank Vision Fund 2. The round will also see participation of Unacademy's existing backers like Sequoia Capital India, Blume Ventures, General Atlantic and Nexus Venture Partners besides Facebook.

While announcing the fund-raise, Munjal said, "Our goal always has been to democratize knowledge and make it more affordable and accessible by getting the best experts of the world help everyone achieve their goals".

Unacademy said in a statement Wednesday the investment values it at $1.45 billion. With this fundraise, Unacademy is now a unicorn, and the second edtech platform after Byju's with a valuation of more than $1 billion.

SoftBank made its investment through Vision Fund 2, a vehicle now funded entirely by the Japanese group. Hemesh Singh and Roman Saini, are the other two co-founders of Unacademy.

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"Unacademy plans to utilise the funds to launch new products and build a world-class team and organisation". This has allowed Unacademy, a platform that provides live classes, practice, and revision tests for its users, bundled with the comfort of learning anytime, anywhere, to enroll 350,000 paying subscribers for a premium service it launched previous year. The company caters to the learning needs for 35+ competitive exams, besides important life goals such as Chess. Unacademy acquired PrepLadder, which offers courses aimed at medical students, for $50 million in July. The same month, it also picked up a majority stake in Mastree, a leading K12 learning platform.

"We have been closely tracking Unacademy for the last 18 months and have been impressed by their growth, quality of product and consumer engagement", said Sumer Juneja, Partner for SoftBank Investment Advisers. The group has also been assisting a number of these firms to tap worldwide markets.

SoftBank's initial Vision Fund totaling almost $100 billion has invested in Zuoyebang, a Chinese online education startup. The technology investor has over the past year slowed down new bets globally, following the IPO debacle at portfolio firm WeWork.



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