CIOInsider India Magazine
Unacademy Gets $ 440 Million Influx
Unacademy, an Indian online learning platform, has raised $440 million in a new funding round, which is apparently in a Series G round.
The fresh investment comes at a time when Indian startups are raising record amounts of money and a small number of mature companies are looking to go public.
As investors increase their bets on the South Asian market and others in the aftermath of China's regulatory crackdowns, which wiped away hundreds of billions of dollars last month.
The online learning platform, which started on YouTube and continues to use Google's video platform to onboard educators, assists students in preparing for difficult examinations in order to get into college, as well as those pursuing graduate-level courses.
It allows students to attend live classes from educators on the app and then participate in sessions to go over topics in greater depth.
On its platform, the startup has over 50,000 educators, many of whom are well-known on YouTube. It's said that these lecturers assist Unacademy sell more subscriptions in exchange for a commission.
Unacademy co-founder and CEO Gaurav Munjal stated that the new funding will be used to expand the startup's bets into new categories such as upskilling, jobs, and hiring.
According to Goldman Sachs analysts, India's online education business is expected to produce $5 billion in revenue by 2025.
According to Bernstein analysts, there were roughly six million students in India who paid for an online learning app last year, with that number expected to rise to around 70 million by the end of the decade.
Last week, Unacademy announced the creation of a $40 million fund for educators on its website.
Unacademy co-founder and CEO Gaurav Munjal stated that the new funding will be used to expand the startup's bets into new categories such as upskilling, jobs, and hiring.
Temasek led the fresh round of funding for the Bangalore-based business, which also included Mirae Asset and current investors such as SoftBank Vision Fund2, General Atlantic, Tiger Global, as well as Zomato co-founder and CEO Deepinder Goyal and Oyo founder Ritesh Agarwal, according to the startup.
