Unacademy raises funding from Tiger Global, Dragoneer; valuation touches USD 2 billion
Unacademy raises funding from Tiger Global, Dragoneer; valuation touches USD 2 billion

Edutech firm Unacademy on Wednesday said it has raised funding from Tiger Global Management and Dragoneer Investment Group.

While the company did not disclose the amount of funding raised, it said Unacademy's valuation has grown to USD 2 billion (about Rs 14,785 crore).

The latest fund raise follows a round in September this year, when Unacademy had raised an investment of USD 150 million (Rs 1,125 crore), led by SoftBank Vision Fund 2. At that time, Unacademy was valued at USD 1.45 billion.

"Our mission from Day One has been to democratise education and make it more affordable and accessible. We have consistently built the most iconic products that deliver high quality education to everyone. Today, I'm delighted to welcome Tiger Global and Dragoneer as our partners in the journey," Unacademy co-founder and CEO Gaurav Munjal said.

These are both marquee global investors with a history of partnering with innovative companies that are making an impact on people's lives, he added.

Unacademy Group consists of Unacademy, PrepLadder, Mastree, CodeChef, and Graphy.

The company is backed by investors including SoftBank Vision Fund 2, Facebook, General Atlantic, Sequoia India, SAIF Partners, Nexus Venture Partners, Steadview Capital, and Blume Ventures.

The group has over 47,000 educators, teaching in over 14 Indian languages, and learners spread across 5,000 cities.

Over 1,50,000 live classes are conducted on the platform each month and the collective watch time across platforms is over 2 billion minutes per month.

"The opportunity to improve lives through online education is enormous because of its sheer accessibility. The Unacademy team has innovated rapidly to build a leading platform that is taking education to the farthest corners of India," Scott Shleifer, Partner at Tiger Global, said.

"We are very excited to partner with Unacademy and look forward to seeing it scale further," Shleifer added.

The edutech space has seen strong growth globally with the COVID-19 pandemic serving as an inflection point.

A number of players have raised fresh funding from investors, and consolidation is also being seen in the industry with deals like Unacademy acquiring PrepLadder for USD 50 million and Byju's buying WhiteHat Jr for USD 300 million.

In September, Byju's had raised about USD 500 million (about Rs 3,672 crore) in a funding round that valued the company at USD 10.8 billion.

Similarly, Udemy had earlier this month announced raising USD 50 million (about Rs 371.2 crore) from global edutech and growth funds including Learn Capital.

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Free Press Journal