Education technology startup Unacademy has raised Series C funding of $21 Million from Sequoia India, SAIF Partners and Nexus Venture Partners. Existing investors including Blume Ventures also participated in the round.
The company will use the funds to onboard new educators on the platform, penetrate deeper into categories including pre-medical, GATE and CAT, and further strengthen the product and technology team.
Unacademy began as an educational YouTube channel by Gaurav Munjal, Roman Saini, Hemesh Singh and Sachin Gupta. It later launched its online learning platform in 2015, that let educators create courses on various subjects. All educators go through an interview process and selection is based on their experience.
Gaurav Munjal, Co-Founder and CEO, Unacademy said that 3000 educators were active on the platform as of June and lessons created by them were watched more than 40 million times by learners.
In October 2017, Unacademy launched ‘Plus’ courses on its platform with a private discussion forum, live video classes, and a personalised classroom learning environment with its top educators. Currently, about 30 educators take paid ‘Plus’ courses on the platform apart from the lessons that are also available for free. Since the launch of Plus courses, the company has achieved a 6x growth in its monthly revenue, the company told in a statement.
The company has raised funding of $38.6 million in total so far. In September 2017, it raised $11.5 million Series B funding led by Sequoia India and SAIF Partners with the participation of existing investors and angels including Nexus Venture Partners and Blume Ventures.
Early last year, Unacademy had raised $4.5 million in its Series A funding led by Nexus Venture Partners and existing investor Blume Ventures.
In May 2016, the company had raised $500,000(about Rs 3.3 crore) in seed capital, through a funding round led by Blume Ventures, along with angel investors including Rajan Anandan (Google), Sumit Jain (CommonFloor), Aprameya Radhakrishna (Taxi4Sure), Sujeet Kumar (earlier Flipkart), Phanindra Sama (RedBus) among others. In 2015, It had raised $1 million from a clutch of investors including Flipkart co-founders Sachin Bansal and Binny Bansal and Paytm founder Vijay Shekhar Sharma, with Blume Ventures leading the round.
Edtech in India
The e-learning space in India is crowded with a lot of large and medium companies jostling for a foothold. Unacedemy’s direct rival at the moment is Byju’s Learning, which had raised an undisclosed amount of funding in last year. Overall the company has raised around $244 million in funding from multiple investors since its launch in 2008. Other players in the space are Toppr, Eruditus Executive Education, WizIQ, iNurture, UpGrad, Jigsaw Academy, CollegeDekho, S Chand, Smartivity Labs and Schoolguru, Embibe, Info Edge backed Meritnation, among others.