Unacademy secures $150mn funding led by SoftBank
Unacademy, the edtech company has raised a funding of $150 million (approximately Rs 1,098 crore) in a round led by Japanese conglomerate SoftBank. This funding has pushed the firm’s valuation to $1.45 billion.
In the funding round the existing investors like General Atlantic, Sequoia Capital, Nexus Venture Partners, Facebook, and Blume Ventures also participated.
"Learning from the best experts to achieve a life goal has mostly been a privilege, available only to those living in the top few cities of the country," Gaurav Munjal, Co-Founder and CEO, Unacademy, said in a statement.
"At Unacademy, we are breaking that barrier and helping people achieve their life's most important goals, by giving them access to the best coaching from experts in the field," Munjal said, adding that Unacademy plans to utilise the funds to launch new products.
Unacademy boasts of a vast network of over 18,000 educators and over 350,000 subscribers.
Unacademy serves the learning needs of over 35 competitive exams.
"We have been closely tracking Unacademy for the last 18 months and have been impressed by their growth, quality of product and consumer engagement," said Sumer Juneja, Partner for SoftBank Investment Advisers.
All documents related to the investment have been signed and the final closing is expected in the next few weeks.
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