The latest entrant in India's unicorn club- Unacademy
Bengaluru-headquartered EdTech start-up Unacademy is the latest entrant in India's unicorn club (start-ups with a valuation of more than $1 Bn). With its latest round of funding worth $150 Mn led by Japanese multinational conglomerate SoftBank, Unacademy's valuation now stands at $1.45 Bn, up from $510 Mn in February. It had previously raised funds worth $110 Mn in a Series E round. The latest funding round also saw involvement from existing investors such as Facebook Inc, Sequoia Capital, etc.
The funding announcement comes only days after the company was formally roped in as an official IPL partner for the 2020 edition by the Board of Control for Cricket in India (BCCI). Unacademy initially bid for the league's title sponsorship rights but lost out to Dream11, a fantasy sports website.
Unacademy was founded as an educational YouTube channel by Gaurav Munjal, Roman Saini, Hemesh Singh and Sachin Gupta in 2015. It is an online learning platform to help prepare students for competitive exams.
Future of India's edutech sector
This COVID19 pandemic was a hot spotlight for India's EdTech industry. The lockdown has compelled schools and colleges to go classes online. This has fuelled the edutech sector with some sub-areas growing at a CAGR of 64%. India's edutech sector is expected to reach $3.5 Billion by 2022. According to a survey by KPMG, the e-learning market is expected to hae around 10 million users by 2021. This is just a mere fraction of the Indian market which has 350 million students, thus signalling to the enormous potential of the untapped market.
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