[Funding Alert] Unacademy's valuation touches $2B after fresh capital from Tiger Global and Dragoneer
Unacademy, which turned unicorn earlier this year, has raised undisclosed funds from Tiger Global Management and Dragoneer Investment Group.
The latest transaction values the edtech startup at $2 billion. Unacademy did not clarify how it intends to spend the fresh capital.
This round follows its $150 million fund-raise from SoftBank Vision Fund 2 in September. Unacademy's existing investors General Atlantic, Sequoia Capital, Nexus Venture Partners, Facebook, and Blume Ventures had also participated in the round.
Scott Shleifer, Partner at Tiger Global, said in a statement:“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."
At present, Unacademy clocks over two billion watch minutes across 150,000 live classes per month. The platform has more than 47,000 educators, who impart lessons in 14 Indian languages to 40 million learners across 5,000 cities and towns.
Gaurav Munjal, Co-founder & CEO, Unacademy
[TechSparks 2020] Our audacious goal is to compete with Netflix: Unacademy's Gaurav Munjal
Gaurav Munjal, Co-Founder and CEO, Unacademy, stated,“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."
Unacademy has scaled up rapidly in 2020, riding on the pandemic-led boom in edtech. It has made a spate of acquisitions, including PrepLadder, Mastree, and CodeChef, and also launched a disruptive storytelling product called Graphy.
Last month, Gaurav said at TechSparks 2020 that Uncademy's "audacious goal" is to build a Netflix for education and do 200X of what it is doing now.
He also revealed that the platform's monthly revenues had shot up from Rs 2 crore to Rs 90 crore in the last 18 months."We are the innovation engine for the industry. Be it our content channels or user acquisition strategy or teachers. We don’t have the best sales engine yet, and we are working towards that," Gaurav noted.
Edited by Suman SinghSohini Mitter