Digital learning platform Unacademy on Wednesday raised USD 110 million (about Rs 780 crore) in a funding round led by social media major Facebook and General Atlantic.
The funding round saw investment from fresh investors including Sequoia India, Nexus Venture Partners, Steadview Capital and Blume Ventures, Flipkart CEO Kalyan Krishnamurthy and Udaan co-founder Sujeet Kumar.
In addition to raising the funding, Unacademy also provided exits to some of the angel investors.
Unacademy expects to earn an annual recurring revenue of USD 250-300 million (around Rs 1,775 crore to Rs 2,130 crore) on the back of rise in paid subscribers and expansion of its offerings.
The company offers test series, personalised feedback and one-on-one interactions with educators for various competitive examinations, including UPSC.
Currently, it has more than 20,000 registered educators and over 18 million learners. As on February 1, Unacademy Plus had hit USD 30 million ARR.
Generally, ARR refers to yearly value of a single subscription.
Munjal had earlier told PTI that the company is planning to offer online coaching for state service examinations in Kerala, Maharashtra, West Bengal and other states.
