New Delhi (Anish Yande): Unacademy, the Indian online education platform, has added investors to take its valuation across the $2 billion mark. The education platform has signed on Tiger Global Management and Dragoneer Investment Group as investors. The growth in valuation for Unacademy has crossed $2 billion in 2020 alone.
Funding Details for Unacademy:
The funding round through which Unacademy is raising funding from investors is around $100 million in size. The official figures from the funding round have not yet been released by Unacademy.
The valuation for Unacademy was stated at $510 million in February 2020. The valuation progressed to $1.45 billion in September of this year and crossing the $2 billion mark in November.
Softbank, the Japanese holding company, led the funding round in September. The education platform had previously raised funding amounting to $110 million. Sequoia Capital India and Facebook have provided funding to Unacademy. Nexus, Blume, and Steadview had invested in Unacademy earlier along with Kalyan Krishnamurthy, the CEO of Flipkart.
Unacademy's Expanding Educational Reach:
Unacademy is a platform that covers educational courses from Kindergarten to 12th grade. The platform assists students with exam preparation. The educational platform covers exam preparation for competitive exams across the country. Unacademy is also providing preparation for graduate courses.
More than 47,000 educators have signed on to Unacademy. These teachers educate students in more than 14 Indian languages. Unacademy is spread its reach across 5,000 Indian cities. Monthly, more than 150,000 live classes are held at Unacademy.
The education platform is extending its reach beyond its student userbase. Unacademy has been conducting interviews with several prominent individuals in the past few months.
Scott Shleifer, a Partner at Tiger Global, has commented on the funding in Unacademy. He stated that Unacademy offers investors the opportunity to improve lives through online education. This opportunity is enormous due to the accessibility that education provides.
Shleifer commented that the Unacademy team has created several innovations that are providing education to remote corners of India.
Image Credit: Google and Unacademy