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.