Thursday, January 28, 2021
Home Business News Unacademy sees valuation rise 40% in 2 months to $2 billion -...

Unacademy sees valuation rise 40% in 2 months to $2 billion – Times of India

BENGALURU: US-based marquee investors Tiger Global and Dragoneer Investment Group have pumped fresh capital into Unacademy, valuing it at $2 billion. In less than two months, the edtech startup’s valuation has shot up by over 40% as online education companies continue to attract strong investor interest aided by pandemic-induced demand for e-learning. In September, the Bengaluru-based startup had raised $150 million from SoftBank’s Vision Fund at a valuation of $1.4 billion.
According to a source, Unacademy has raised $90-100 million in new capital in this round. Part of the funds will used for providing some angel investors a partial exit. The company did not disclose the amount it has raised in the latest round. While Tiger Global has made several bets on local startups, Dragoneer has backed major US-based startups like Uber, DoorDash, and Slack. Tiger Global invested in Byju’s this year. It is an investor in another edtech firm, Vedantu.
The five-year-old Unacademy had previously raised $260 million in two rounds this year from social media major Facebook, private equity firm General Atlantic, and SoftBank. Sequoia Capital, Elevation Capital (earlier known as SAIF Partners) and Blume Ventures are some of its existing investors.

“Happy to have both Tiger and Dragoneer on board on our mission to build iconic products that democratise education and make it more accessible and affordable,” Unacademy co-founder and CEO Gaurav Munjal tweeted.
Unacademy was valued at $500 million at the beginning of the year and the steep jump in its valuation this year is a reflection of the rapid pace of student sign-ups during the pandemic. TOI reported earlier this week that Byju’s was closing a $200-million funding round at a $12-billion valuation. Byju’s was valued at $8 billion in January.
TOI also reported in September that Unacademy’s annualised revenue run rate has increased four times since February, from $30 million to $120 million. The startup, which has primarily focused on test preparation for exams like UPSC (civil services), IIT-JEE, and medical colleges, has plans to expand into several new areas, including the K-12 segment.
On Wednesday, the company said it has over 47,000 educators. The courses are taught in more than 14 Indian languages, with students spread across 5,000 cities. It said it is conducting over 150,000 live classes on the platform every month.

Source link

In this blog our main motive is to provide you all kind of latest information about technology, politics, sports, and health. If you want to read this information then you should have to visit our website. This information will help you to increase your knowledge.


Please enter your comment!
Please enter your name here

Most Popular

It’s time to act: Biden signs climate orders – Times of India

President Biden on Wednesday signed a series of executive orders that aim to “confront the existential threat of climate...

This is how you can style your little black dress | The Times of India

A moto jacket or a casual jacket on the little black dress can instantly make your outfit go from drab to fab....

Science-based facts about middle children!

There are also a lot of interesting facts and benefits behind being a middle kid! Source link

UBSE Board Exams 2021: Board shortlists exam centres for 10th, 12th exams – Times of India

Dehradun: The Uttarakhand Board of School Education (UBSE) has announced that 2,72,313 students of the 2020-21 batch will write their board exams in...

Recent Comments