The famous education technology-based startup Unacademy is in talks with their existing investors Steadview Capital and General Atlantic to double their investment, which could make the investment value to $100 – $150 million.
Along with them, new global financial investors such as Tencent from China and US-based Hedge funds are also looking forward to make an investment of more than $1 billion.
Unacademy had more than 90,000 active subscribers and more than 14,000 educators who tutored these students online to prepare them for competitive examinations in the month of February this year.
The co-founder of Unacademy, Gaurav Munjal, said that in the month of March, the educators had conducted more than 100,000 live classes, a quarter of which was free for the same month. The watch time of Unacademy had crossed 1 billion minutes. The startup has also started subscription classes for Classes 9 to 12 and hired educators from across the
country to conduct these classes.
The education technology sector is one of the lucky sectors that has managed to evade the wrath of pandemic. Since the colleges and schools have been closed down, students are exclusively taking the help of online classes to stay up to date with their studies.
Unacademy is already doing quite well, but with the massive boost in their funding, it would be interesting to see how the founders use it to expand their startup.