Updated August 2nd, 2021 at 12:23 IST
Unacademy CEO confirms firm's value tops $3.4bn in Temasek-led funding round
Founded as a YouTube channel by Gaurav Munjal, Roman Saini, and Hemesh Singh in 2010, Unacademy has now become one of the largest online learning platforms.
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India's biggest EdTech giant, Unacademy has raised $440 million from Singapore's Temasek Holdings along with Tiger Global Management, Softbank Vision Fund, and General Atlantic. The news has been confirmed by co-founder and CEO, Gaurav Munjal. This funding has now increased the valuation of the EdTech form and taken it to $3.4 billion, which was $2 billion towards the end of last year.
Unacademy funding by Temasek
In a recent round of funding led by Singapore's Temasek with many other founders and CEO, India's one of the biggest EdTech giants, Unacademy has successfully raised $440 million. Unacademy CEO and Co-founder Gaurav Munjal took to his Twitter handle to confirm the news and also thanked everyone for the participation. He also said that South Korea's Mirae Asset, Zomato founder Deepinder Goyal and Oyo Rooms founder Ritesh Agarwal participated in the funding round.
Unacademy Group has closed a $440M funding round at a valuation of $3.44B led by Temasek and with strong participation from SoftBank, GA and Tiger. Deepinder Goyal, Ritesh Agarwal and Mirae Asset also participated in the round. Thanks a lot everyone for your conviction 🙏
— Gaurav Munjal (@gauravmunjal) August 2, 2021
With this valuation, the company will now be able to build and develop its products and services. Munjal further added that the company will continue scaling three of its products, Unacademy, Relevel, and Graphy. It will also look into building and scaling of Iconic Products of the future, innovation and experimentation, creation of value for shareholders, and avoid misselling in an industry which is known for its bad sales tactics.
Unacademy
Founded as a YouTube channel by Gaurav Munjal, Roman Saini, and Hemesh Singh in 2010, Unacademy has now become one of the largest online learning platforms in India. With more than 1 million subscribers and students, the platform provides several services including life classes, comprehensive courses for competitive exams, study materials, and many more. Unacademy has achieved more than 6 million monthly active users in more than 10,000 cities across the country.
With this funding, the company now aims to use the capital for broadening its scope on new categories such as upskilling, jobs, and hiring.
The EdTech industry has witnessed a boom in the past one year due to the pandemic situation. Unacademy competes along with other EdTech startups including Byju's, Vedantu, Teachmint, and Classplus. With the ongoing scenario, the fresh capital will help to raise the standards of the e-learning platform.
(Image Credits: Twitter/Shutterstock)
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Published August 2nd, 2021 at 12:23 IST
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