The financing also saw participation of existing investors General Atlantic, Sequoia India, Nexus, Facebook and Blume Ventures. The latest round has valued the company at $1.45 billion, founder Gaurav Munjal tweeted Wednesday.
Unacademy Group has raised $150M in a round led by Softbank valuing us at $1.45B post the funding. Great to have them onboard as a partner in our journey.
Our existing investors General Atlantic, Sequoia India, Nexus, Facebook and Blume also participated in the round.
— Gaurav Munjal (@gauravmunjal) September 2, 2020
Unacademy is now the only edtech startup after Byju’s to have bagged the unicorn tag, a term used to describe a privately-held firm that is valued at $1 billion or above. Byju’s was reportedly valued at about $10.5 billion when it raised funding from Mary Meeker’s technology investment firm Bond in June.
Unacademy plans to utilise the funds to launch new products, and build a world-class team and organisation.
“Learning from the best experts to achieve a life goal has mostly been a privilege, available only to those living in the top few cities of the country. At Unacademy, we are breaking that barrier and helping people achieve their life’s most important goals, by giving them access to the best coaching from experts in the field. We’re delighted to welcome SoftBank as a partner to that vision. We started with test preparation and with this partnership, we will launch other goals on our platform,”
Munjal said in a press statement.
Run by Sorting Hat Technologies Pvt. Ltd, Unacademy was established by Munjal, Roman Saini and Hemesh Singh in 2015. Having begun as a YouTube channel, Unacademy today claims to be the largest learning platform in India with a vast network of 18,000+ educators and over 350,000+ subscribers. The company caters to the learning needs for 35+ competitive exams.
In February, Unacademy had raised $110 million from Facebook and General Atlantic at reportedly $510 million valuation. It also made the headlines in July when it had acquired edtech startup PrepLadder for $50 million to expand its medical entrance examination category such as NEET PG and FMGE. The same month, it also picked up a majority stake in Mastree, a leading K12 learning platform.
“We have been closely tracking Unacademy for the last 18 months and have been impressed by their growth, quality of product and consumer engagement. They are truly democratizing education in India and we look forward to helping them scale even further,” Sumer Juneja, Partner for SoftBank Investment Advisers, said.
SoftBank has already deployed $10 billion across Indian startups, including OYO, Grofers, Lenskart, Delhivery, FirstCry, Ola, PayTM, and PolicyBazaar. The group has also been assisting a number of these firms to tap international markets. It has, however, been going slow on investments globally after the WeWork debacle.
Unacadmy is SoftBank’s second investment in India this year, after it invested about $300 million against fresh equity shares in baby and mother care products retailer FirstCry in February.