Unacademy raises fresh funds from Tiger Global, Dragoneer at $2b valuation

Edtech platform Unacademy has raised a fresh round of funding from Tiger Global Management and US-based Dragoneer Investment Group. The company didn’t disclose funding amount but said it values Unacademy Group at $2 billion.

The latest fundraise follows a round in September when it raised $150 million led by SoftBank Vision Fund 2. At that time, Unacademy’s valuation had trebled to $1.45 billion and became the second most valued edtech startup after Byju’s, which is valued at $10.5 billion.

“Our mission from Day One has been to democratise education and make it more affordable and accessible. We have consistently built the most iconic products that deliver high-quality education to everyone. Today, I’m delighted to welcome Tiger Global and Dragoneer as our partners in the journey. They are both marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives,” said Gaurav Munjal, Co-Founder and CEO, Unacademy.

Unacademy has over 47,000 educators, teaching in over 14 Indian languages, and learners spread across 5,000 cities. Over 150,000 live classes are conducted on the platform each month and the collective watch time across platforms is over 2 Billion minutes per month.

“The opportunity to improve lives through online education is enormous because of its sheer accessibility. The Unacademy team has innovated rapidly to build a leading platform that is taking education to the farthest corners of India. We are very excited to partner with Unacademy and look forward to seeing it scale further,” said Scott Shleifer, Partner at Tiger Global.

Bengaluru-based Unacademy has distinguished itself in test preparation classes from civil service and banking exams to programming languages. Munjal said in the July -September period, Unacademy has recorded a 100% increase in its paid subscriber base, with the average daily watch time across Unacademy platforms also witnessing a 100% increase. The monthly watch time minutes has also reached an all-time high of over 1 billion.

As classrooms shut during the pandemic, demand has soared for the startup and hundreds of other virtual learning companies in India. Startups in education have already raised around $795 million (25 deals) funding in this period, largely led by Byju’s that is valued now at $10.5 billion.

The article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.