India Education Technology Unacademy is valued at USD 3.44 billion out of USD 440 million financing – TechCrunch

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Unacademy, an online learning platform in India, raised US$440 million in a new round of financing because investors have doubled their capital injections in South Asian markets and other places after a series of regulatory crackdowns in China last month, losing hundreds of billions of US dollars.

Temasek led a new round of financing for the Bangalore-based startup, and future assets and existing investors include SoftBank Vision Fund 2, General Atlantic, Tiger Global, and Zomato co-founder and CEO Deepinder Goyal and Oyo founder Ritesh Agarwal participated, the startup did not reveal the name of the new round (it should be the G series).

The new round of valuation of the six-year-old startup company is 3.44 billion U.S. dollars, which is higher than $2 billion in November last year. This investment brings Unacademy’s financing to date to approximately US$860 million.

This online learning platform started its journey from YouTube, and still uses Google’s video platform to provide services to educators, helping students and those who are studying graduate courses to prepare for competitive exams in universities.

On its app, students can watch live lessons from educators and then participate in courses to review topics in more detail. This startup has more than 50,000 educators on its platform, many of whom are very popular on YouTube. According to industry executives familiar with business arrangements, these educators help Unacademy sell more subscription content and earn commissions in return.

Unacademy has accumulated more than 6 million monthly active users in more than 10,000 cities in India (more than 600,000 of them paid for the service).

Gaurav Munjal, Co-founder and CEO of Unacademy, said the startup will deploy new funds to expand its bets on new categories such as skills upgrading, jobs and recruitment.

He said in a tweet that Relevel is “providing a way for people to get a dream job regardless of their educational background, and Graphy is letting creators build their online businesses to sell digital goods, including NFTs.”

In a recent conversation with TechCrunch, Munjal stated that he wants Unacademy to become the “Tencent of India”.

India’s education spending is the highest in the world (Source: Goldman Sachs analyst report to clients last year.)

This startup competes with dozens of companies including Byju’s, which are India’s most valuable startup (Valuation of US$16.5 billion), Vedantu supported by Good Future, Classplus supported by Tiger Global and Teachmint supported by Lightspeed Venture. (Because of investors, Good Future’s American Depositary Receipts has dropped from US$90 at the beginning of this year to around 70% in recent days. Retreat after China’s repression.)

All of these startups have reported growth over the past year as India-like most other countries-implemented lockdowns and school closures to curb the spread of the coronavirus.

According to the mobile insight platform App Annie (TechCrunch data from industry executives), the number of monthly active users of the Android application of the Indian education and learning company.

Analysts at Goldman Sachs stated that the online education market in India is at risk, with revenue expected to reach US$5 billion by 2025 (up from approximately US$1 billion last year).

As of last year, about 6 million students in India paid for online learning apps, and Bernstein analysts predict that this number will reach about 70 million by the end of the decade.

Unacademy said last week that it is creating a $40 million fund for educators on its platform. “On the first day (that is today), we have more than 300 educators eligible for the grant, and they will receive the grant immediately. In the next few years, we will provide our educators More than $40 million in grants,” Munjal said in a tweet.

This new investment comes at a time when Indian start-ups are raising record funds and a few mature companies are beginning to explore the open market. B2B business and financing startup Ofbusiness said over the weekend that it has raised US$160 million in a new round of financing (led by SoftBank Vision Fund 2) at a valuation of US$1.5 billion, making it the 18th Indian startup to achieve unicorn status. , Starting from 11 last year.

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