Unacademy, an online learning platform in India, has added two more marquee investors to its cap table. The Bangalore-based startup, which focuses on K-12 online education, said on Wednesday it has raised new funds from Tiger Global Management and Dragoneer Investment Group.
The funding round, which is between $75 million to $100 million in size (according to a person familiar with the matter; Unacademy has not disclosed the figure), valued the four-and-a-half-year-old startup at $2 billion, up from about $500 million in February this year when Facebook joined its list of backers, and $1.45 billion in September, when SoftBank led the round.
“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. They are both marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives,” said Gaurav Munjal, co-founder and chief executive of Unacademy, in a statement.
Unacademy helps students prepare for competitive exams to get into a college, as well as those who are pursuing graduate-level courses. On its app, students watch live classes from educators and later engage in sessions to review topics in more detail. In recent months, the startup has held several online interviews of high-profile individuals, such as Indian politician Shashi Tharoor, on a range of topics, which has expanded its appeal beyond its student base.
The platform has amassed over 47,000 educators, who teach students in 5,000 cities in India in over 14 languages. Over 150,000 live classes are conducted on the platform each month and the collective watch time across platforms is over 2 billion minutes per month, the startup said.
“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. We are very excited to partner with Unacademy and look forward to seeing it scale further,” said Scott Shleifer, Partner at Tiger Global, in a statement.
Spend on education in India is among the highest globally (Source: A report from analysts at Goldman Sachs to clients earlier this year)
Scores of education startups in India have reported skyrocketing growth in recent months as schools remain shut across the country amid the coronavirus pandemic. Even as most Indians tend not to pay for online services — just ask Google and Facebook, both of which count India as their biggest market by users but make little in the country — the education category is an outlier. Indian families continue to spend heavily on their children’s education in hopes of paving the way for a better future.
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