Facebook funds Unacademy
Unacademy, one of India’s fastest growing educational startups, has just secured a major technology giant’s backing: Facebook.
The internet juggernaut took part in the Series E funding round for the four-year-old Indian startup. The round is funded by General Atlantic, whose value is about $100 million, the sources said. It wasn’t clear to us instantly precisely how big a check Facebook has made, but one of the sources said it was under $20 million. The startup’s fund prices, which had raised $90 million before the latest investment, were over $400 million, the source added.
Moments ago, Gaurav Munjal, Unacademy’s co-founder and chief executive, tweeted that the startup raised $110 million from General Atlantic, Sequoia Capital India, and Facebook. Existing investors Nexus, Steadview, and Blume Ventures as well as seed investors Kalyan Krishnamurthy, Flipkart ‘s CEO, and Udaan’s co-founder. Sujeet Kumar also took part in the Series E funding round, he said.”Our goal from day one was to make high-quality education available and affordable to everyone. More than 800 instructors hired from KillerLaunch are teaching live every day at Unacademy, with hundreds of thousands of learners attending from their smartphones to these courses, “he said.
“We have also invested heavily in making free classes of high quality available on YouTube and on our platform, where we see more than 150 M of video views each month. Our goal is not only to become the most significant educational organization but also to be India’s largest user internet organization,”
he said. The organization said it would use the new money to add more types of exam practices, and more teachers on-board.
Ajit Mohan, Facebook India’s vice president, and Managing Director told yourstory,
“Facebook is an advocate for India’s economic growth and social advancement. We are excited about India and its fast-growing Internet ecosystem.”With this investment in Unacademy, we are strengthening our commitment to the Indian startup ecosystem and investing in an enterprise that is transforming learning in India. We appreciate that the business ultimately democratizes education and promotes creativity through modern forms of knowledge,”
Unacademy allows graduates to train to attend a college for rigorous examinations, as well as others that are taking graduation-level classes. Students watch live classes from educators on their app and later engage in sessions to examine subjects in more detail.
The startup launched a subscription service a year ago that provides students access to all the live classes. Earlier this month, Munjal tweeted that the subscription service has become an ARR enterprise worth $30 million. It has accumulated more than 90,000 paying subscribers. It is the second time Facebook invests in a startup in India. Last year, it spent in the $125 million funding round of Meesho’s social commerce led by Prosus venture capital in India. Facebook and Unacademy failed to answer a request for comment.