The former chief operating officer (COO) of Unacademy, Vivek Sinha has secured funding for his new Ed-tech start-up. As per the schedule, the former executive of the Ed-tech firm has raised $11 million from Lightspeed Venture Partners, Matrix Partners, angel investors like Oyo group CEO and founder Ritesh Agarwal and Unacademy CEO and Co-Founder Gaurav Munjal, said sources.
The new company will concentrate on improving the skills of the workforce and offering assistance to the healthcare field, according to sources. Sinha is currently in the process of securing funding, actively reaching out to potential angel investors.
Sinha's company, which was officially registered in September, is expected to focus on providing upskilling services for the healthcare sector, according to sources.
This development is significant as the upskilling and higher education sector within the edtech industry has shown resilience in securing funding despite a challenging financial environment.
Sinha resigned from Unacademy in August:
Sinha resigned from Unacademy in August this year. After resigning from the unicorn company in a X post he wrote, "After three incredible years at Unacademy, I have decided to take the next step in my career. Grateful for the opportunities, friendships, and memories I have gained. Thank you for believing in me and constantly pushing me to operate at (the) peak of my abilities Gaurav Munjal,” said at the time of his departure."
In August 2020, Sinha took on the role of Unacademy's COO. While at the edtech unicorn, he was in charge of managing the financial performance of digital test preparation, hybrid centers, K12, and jobs and skills verticals.
He is a graduate of the National Institute of Technology (NIT) - Jamshedpur and then studied at the Indian School of Business (ISB), Hyderabad.
Sinha was previously employed at OYO and Mobikwik. During his time at OYO, Sinha oversaw a separate business unit for the startup's partnership with Softbank, managing luxury hotels in the country.
Positive cash flow for Unacademy
In June 2023, Unacademy experienced a month with a positive cash flow for the first time. Even though its financial reports for FY23 have not been submitted, the company suffered a net loss of ₹2,848 crore in FY22, showing an 85 percent increase compared to the previous year.Recently, Munjal asserted that the edtech unicorn successfully reduced its cash expenditure by 60 percent in 2023.
