Facebook Backs Indian Education Startup 'Unacademy'
Social media giant Facebook on Wednesday joined General Atlantic, Sequoia India and others for a fresh $110 million round of funding into i of Republic of india'southward fastest growing instruction technology get-go-upwardly Unacademy.
This is the second investment past the social networking behemothic in India. Last year, Facebook made its first minority investment in a local startup chosen Meesho, a social-commerce venture empowering first-time entrepreneurs, especially women in small towns.
"Nosotros thank General Atlantic and Facebook who accept joined us in this journey and our existing investors who continue to be a part of the journey by supporting us. Our goal is to democratise education and get not simply the largest educational arrangement but the largest consumer Internet story out of India," Gaurav Munjal, Co-Founder and CEO, Unacademy, said in a statement.
Nexus Venture Partners, Steadview Capital and Blume Ventures also participated in this round of funding, along with Kalyan Krishnamurthy, CEO, Flipkart and Sujeet Kumar, co-founder, Udaan.
"Facebook is an ally for India'south economical growth and social development, and we are excited about India and its rapidly rise Internet ecosystem," said Ajit Mohan, Vice President and Managing Director, Facebook Bharat.
"With this investment in Unacademy, we are reinforcing our commitment to the Indian startup ecosystem likewise every bit investing in a visitor that is transforming learning in India," Mohan added.
The edtech start-upwards said that information technology would employ the funding to farther penetrate into the test preparation categories, launching more than test categories, acquiring elevation educators, and creating exceptional learning experiences for the learners through great content and product.
In addition to raising the funding, Unacademy also provided exits to some of the angel investors.
"Our goal from mean solar day i has been to democratise education and make quality didactics accessible to anybody. We practice that by bringing the best educators and content on our platform and ensuring information technology is accessible to anybody across the country," Munjal said.
"Nosotros are seeing great learning outcomes through our subscription where learners can take Live classes by these educators. We at present take more than 90,000 agile subscribers," he added.
Unacademy was started in 2015 as a platform for educators and learners with educators creating educational videos and offering Live interactive classes with access to more than than 30 exam categories for the learners.
It now has more than 1 million videos on its platform. Currently the platform has over x,000 educators who have created educational videos on Unacademy.
In 2019, Unacademy launched its subscription for various examinations which gives access to the learners throughout the country to top educators and structured learning.
Inside a span of one twelvemonth, Unacademy has more than 90,000 active subscribers with 70 per cent of its subscribers coming from tier-2 and tier-3 cities.
More than 700 educators accept classes on Unacademy every twenty-four hour period, the company said.
Source: https://beebom.com/facebook-indian-startup-unacademy/
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