Indian online learning platform Unacademy buys PrepLadder for $50m

Photographer: Simon Dawson/Bloomberg

Facebook-backed online learning platform Unacademy has acquired ed-tech startup PrepLadder for $50 million. The Chandigarh-based startup primarily provides preparatory help with medical entrance exams.

The acquisition highlights how ed-tech startups are favourites of investors in current times. In the first six months of 2020, venture capital investors pumped in $795 million in the segment compared with $108 million in the year-ago period.

This move will strengthen Unacademy’s presence in medical entrance examination category 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.

Started in 2016, PrepLadder specialises in medical examinations and provides access to education services and preparation material for exams such as NEET PG, AIIMS PG, NEET SS, and FMGE. Founded by Deepanshu Goyal, Vitul Goyal, and Sahil Goyal, the company claims to have over 85,000 active subscribers.

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.”

In February, Unacademy raised $110 million from social networking giant Facebook and US private equity firm General Atlantic at a post-money valuation of $510 million.

In the last three months, Unacademy has recorded a 100% increase in its paid subscriber base given the emphasis on online learning. The average daily watch time across Unacademy platforms has also risen significantly, with monthly watch time minutes at an all-time high of over 1 billion.

Over 525,000 learners attempted various mock tests on the platform for competitive examinations such as UPSC, NEET-PG, and CAT among others during this period.

With schools shut because of the coronavirus pandemic, online learning platforms have stepped in to fill the gap – providing investors with robust prospects.

This article was first published on livemint.com.

Singapore Reporter/s

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

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  • 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. 
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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.