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Unacademy, the Indian edtech unicorn has added two more marquee investors to the list. The 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 undisclosed figure should be between $75 million to $100 million in size. It values the startup at $2 billion, up from about $500 million in February this year when Facebook joined its list of investors; and $1.45 billion in September when SoftBank led the round.
Unacademy: Valuation growth in 2020
| February 2020 | $510 million |
| September 2020 | $1.45 billion |
| November 2020 | $2 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. 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.
About Unacademy
Unacademy helps students prepare for competitive exams to get into 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 more than 14 languages. It conducts over 150,000 live classes on the platform each month. The collective watch time across platforms is more than 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. We look forward to seeing it scale further,” said Scott Shleifer, partner at Tiger Global, in a statement.