Unacademy, an education technology startup, announced it has raised $110 million from Facebook and General Atlantic. Post current funding, the company is valued at $510 million.
Existing investors Sequoia India, Nexus Venture Partners, Steadview Capital and Blume Ventures also took part in the funding round. Apart from that, investments were made by Flipkart CEO Kalyan Krishnamurthy and Udaan co-founder Sujeet Kumar.
Unacademy will utilise the funds to increase the number of competitive exams it currently services, bring top educators onto its platform and improve the quality of content, as per their statement.
Gaurav Munjal, co-Founder and CEO, Unacademy, said, “We started to monetise around a year ago, and in the first month, we made around Rs 2 crore in revenue, and last month we did around Rs 18 crore. So, we’ve grown 9X in 12 months and we plan to continue growing from here.”
Shantanu Rastogi, MD of General Atlantic, said, “Unacademy’s mission of enabling educators across disciplines to reach the widespread aspiring student community across the country is inspiring. Its live classes platform disrupts and democratizes the learning process in an unmatched manner, with more than 18 million students who engage with the company’s content.”
Ajit Mohan, VP and MD of Facebook India, said, “With this investment…we are reinforcing our commitment to the Indian startup ecosystem as well as investing in a company that is transforming learning in India.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.