Edutech startup Unacademy may raise fresh funds.
Edutech startup Unacademy may soon see its coffer swell as reports claim that it is looking to raise $25-30 Mn from existing investor Sequoia Capital India & others. This would be a series C funding round for the Bengaluru headquartered startup.
The funding will reportedly value Unacademy at $100 Mn, with several reports claiming that funds will be pumped into improving its services in K-12 and competitive exams like JEE.
Claiming to be India’s largest e-learning platform, Unacademy offers online courses on various streams like history, civil service, economics, IIT JEE and more. The online platform invites expertise from various streams to create top class content that is then made available for sale to all prospective students. The platform claims that it has more than 50,000 online lessons and nearly more than 1.3 Mn registered users.
Last year, Unacademy had raised nearly $16 Mn in two separate rounds at a valuation of $40 – $50 Mn. Reliable sources claimed that the company currently has enough cash reserves to lend it a strong bargaining power while raising the next funding round.
Overall, the India’s Edutech has witnessed phenomenal boon over the last one decade. This boom has been partly fueled by technological aid and growing pressure among job seekers to stay ahead of the curve. Some of the well-known e-learning startups are UCLID, Avagmah, Embibe, iProf, Simplilearn, Meritnation, Toppr, NeoStencil and Englishleap.
However, the one e-learning startup that has truly led a benchmark of success is BYJU. The startup already boosts eye popping valuation of $1 Bn and has boosts high profile backers like China’s Tencent and BCCL. It has also signed Bollywood superstar Shahrukh Khan as its brand ambassador.
Experts argue that other startups can emulate BYJU’s success only if they are able to offer consistent quality.
