On Wednesday, social social giant Facebook joined others like General Atlantic and Sequoia India for a new $ 110 million (Rs. 788.48 crore) financing in one of India’s fastest growing education technology companies.
“We thank General Atlantic and Facebook who joined us on this journey and the current investors who are still part of the journey through our support. Our aim is to democratize education and become not only the largest educational institution but the largest Internet consumer,” said Gaurav Munjal, co-founder and CEO Unacademy in the statement “The Story of India”.
Nexus Venture Partners, Steadview Capital and Blume Ventures also participated in this round of financing, along with Kalyan Krishnamurthy, Flipkart CEO and Sujeet Kumar, co-founder of Udaan, Unacademy said.
“Facebook is an ally of economic growth and social development in India, and we are passionate about India and rapidly developing the Internet ecosystem,” said Ajit Mohan, Vice President and General Manager of Facebook India.
“Through this investment in Unacademy, we are strengthening our commitment to the Indian ecosystem for startups as well as investing in a company that transforms learning in India. We love the company democratizing education and driving innovation in new learning paradigms,” Mohan said.
Edtech startup said it will use funding for more breakthroughs in test preparation classes, launching more exam categories, acquiring top teachers, and creating exceptional learning experiences for learners with great content and product.
In addition to increasing funding, Unacademy also provided exits to some angel investors.
“Our goal from day one was to democratize education and make quality education accessible to all. We do this by providing the best teachers and content on our platform and ensuring that everyone has access to them throughout the country,” said Mangal.
“We are seeing great educational results through our subscription where learners can take direct lessons with these teachers. We now have over 90,000 active subscribers.”
Unacademy started in 2015 as a platform for educators and learners where teachers create educational videos and provide interactive interactive classes with access to more than 30 exam categories for learners.
She now has over a million videos on her platform. The platform currently includes over 10,000 teachers who have created educational videos on Unacademy.
In 2019, Unacademy launched its participation in several exams that provide access to learners across the country for senior teachers and organized learning.
Within one year, Unacademy has over 90,000 active subscribers with 70 percent of subscribers coming from Level 2 and Level 3 cities.
The company said that more than 700 teachers take Unacademy lessons daily.