Facebook-backed online learning platform Unacademy has recently acquired Chandigarh-based ed-tech startup PrepLadder for $50mn. PrepLadder primarily provides preparatory help with medical entrance exams.
The recent acquisition in the edtech space highlights the preference of investors in the current times when physical learning has taken a backstep. In the last six months, investors have spent about $795mn pumping investments in the edtech sector.
The recent cash and stock deal is significant as the Facebook-backed company scouts for deals to expand its presence in the country. The acquisition is expected to strengthen Unacademy’s presence in medical entrance examination categories such as NEET PG and FMGE. As a part of its inorganic growth strategy, Unacademy recently acquired Kreatryx and took over the custodianship of CodeChef.
Founded in 2016 by Deepanshu Goyal, Vitul Goyal, and Sahil Goyal, PrepLadder specialises in medical examinations and provides access to education services and preparation material for medicine entrance exams. The company claims to have over 85,000 active subscribers as of 2020.
“As we strengthen our position as a market leader in the test prep market, bringing PrepLadder on board will play a strategic role for Unacademy in the medical entrance examinations category. PrepLadder is doing great work in its field and we hope they go into more markets and continue this work,” said Gaurav Munjal, founder and CEO, Unacademy.
Deepanshu Goyal, co-Founder, PrepLadder said, “We are extremely happy to be a part of the largest learning platform in India. Unacademy and PrepLadder are working towards the common goal of making quality education accessible to all. We believe that the synergies between both products will truly create a mark in the industry.”
Earlier in February, Unacademy had raised $110mn from social networking giant Facebook and US private equity firm General Atlantic at a post-money valuation of $510mn.
Existing investors Sequoia India, Nexus Venture Partners, Steadview Capital and Blume Ventures also participated in the round, apart from investments by Flipkart chief executive Kalyan Krishnamurthy and Udaan cofounder Sujeet Kumar in their individual capacities.
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