Facebook recently invested in an Indian edtech startup called Unacademy along with General Atlantic and other investors. This is the second time that Facebook is investing in an Indian startup.
Unacademy raised $110 million (Rs787 crore) in the funding round. The startup is already backed by several major VC’s like Sequoia Capital India, Nexus Venture Partners, Steadview Capital, and Blume Ventures. According to Sorting Hat Technologies which operates Unacademy, they will be utilizing the fund to further expand into test preparation categories, bring in more exam categories and acquire new educators.
Last year in June, Unacademy had raised over $50 million in its Series D funding round from several Indian VCs. The company was founded in 2016 by Gaurav Munjal, Roman Saini, Hemesh Singh, and Sachin Gupta. And within two years, an early-stage venture capital WaterBridge ventures had invested around $1 million in the startup and by 2016 the VC exited with over five times on its investment.
The edtech segment in India is flourishing with funding pouring in from all around the world. In 2019, Unacademy rolled out a subscription service in its mobile app that offers students access to all live classes and earlier this month that subscription service had crossed $30 million amassing over 90,000 paying subscribers. But the education game in India is led by Byju’s which is part of the unicorn club of startups valued around $1 billion.
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