Unacademy concludes new secondary transaction; Tiger World, Dragoneer, Steadview, GA purchase $50M shares
Unacademy Group claimed to have over 48,000 educators on its platform and greater than 1.5 lakh reside lessons being carried out each month. (Representational picture: IE)
SoftBank and Fb-backed edtech unicorn Unacademy has concluded a brand new secondary transaction spherical with traders together with Tiger World, Dragoneer Funding Group, Steadview Capital, and Basic Atlantic growing their stake within the firm. With the newest spherical, shares value $50 million have been acquired from current traders. The newest transaction has come after the November 2020 spherical when Tiger World and Dragoneer Funding Group had backed Unacademy at a $2 billion valuation. Unacademy Group claimed to have over 48,000 educators on its platform and greater than 1.5 lakh reside lessons being carried out each month even because it competes with Byju’s, Toppr, and others.
Unacademy turned unicorn in September 2020 following a $150 million funding spherical led by SoftBank that valued at $1.45 billion. The corporate had raised $110 million from Fb, Basic Atlantic, and others in February final 12 months at a valuation of round $510 million. Again in 2018, Unacademy had enabled a secondary exit for certainly one of its early traders Waterbridge Ventures that had put round $1 million within the firm in 2016. The fund had offered its stake to Sequoia, Nexus, and Elevation Capital (erstwhile SAIF Companions).
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The corporate has been on an acquisition tear, shopping for 5 firms in 2021 amid the Covid pandemic that had offered nice tailwinds not simply Unacademy however the whole edtech ecosystem to amass most clients at a lot lesser acquisition price. Unacademy had most lately, in December, acquired check prep startup NeoStencil. Its first buy of 2020 was Kreatyrx in March 2020 adopted by Bhavin Turakhia’s CodeChef in June, PrepLadder in July, and Coursavy in September. It had additionally acquired a majority stake within the on-line platform for teenagers to hone communication expertise – Mastree.
The newest secondary sale at Unacademy comes amid Amazon India’s formal launch of its check prep app Amazon Academy that helps class 11 and 12 college students with IIT JEE teaching for entrance to engineering faculties. Unacademy too affords IIT JEE programs together with private coach and check evaluation. Amazon had forayed into India’s edtech market in 2019 with its JEE Prepared app and had later rebranded it as Amazon Academy. Unacademy has raised $348 million in funding to this point throughout 9 rounds, as per Crunchbase.
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