Unacademy is an Indian online education technology company based in Bangalore. In 2010, Gaurav Munjal started Unacademy as a YouTube channel. As a company, it was founde by Roman Saini, Gaurav Munjal, and Hemesh Singh in 2015 and is headquartere in Bengaluru. Unacademy is a prestigious Ed-tech company in India, which during the pandemic, had reached its peak. Among all other Ed-techs of India, It had secured a special place in the heart of Indian parents and students.
In November 2020, Tiger Global Management and Dragoneer Investment Group invested in Unacademy. They did not disclose the funding, but it was estimate to be between $75 million and $100 million.
Tiger Global is an American-based investment firm intereste in investing in private and public firms. In the same year, 2020, Unacademy held series E funding of $110M from US private equity firm General Atlantic, Social Networking giant Facebook, Nexus ventures, Bloom ventures, and Flipkart CEO Kalyan Krishnamurthy among others and rose to evaluation at $510 million.
In the past, it had successfully gone through a series A round funding of $4.5 million in January 2017. Further Series B funding of $11.5 million in September 2017 from Sequoia India and SAIF partners. And then, in July 2018, Series C funding of $21 million from Sequoia India and Nexus venture partner came. In January 2021, in a secondary transaction, investor Tiger Global, Dragoneer Investment Group, Steadview Capital, and General Atlantic increased their stake in the company to buy $ 50 million shares in the Unacademy transaction.
General Atlantic is a US-based growth equity firm offering capital and strategic support for global companies. Its headquarter is in New York, America. As of November 2021, it has focused on investment across five sectors: financial service, healthcare, life science, and technology. Another investor is Facebook, the biggest social networking service founded in 2004 by Mark Zuckerberg.
With all this funding, Unacademy tried to provide quality education to students all around the globe and tried to secure a good position among all other Ed-tech giants like Byju and Vedantu. Its CEO Munjal plans to use the funding to build new lines of business in segments such as jobs and hiring, where it will compete with the likes of naukri.com and LinkedIn.
It will also launch creator-led short courses and scale existing businesses such as test preparation and K-12 coaching (from Kindergarten to class 12th). With the help of this funding, Ed-tech company wants to go deep into two areas: upskilling and higher education, degree and direct jobs. Unacademy will focus on affordable live classes.
The company clocked an 80%-100% growth during April 2020-2021 after the coronavirus lockdown shut schools, coaching classes, and all physical education centres. The startup estimates that over 50,000 registered educators and learners are across 62Mn. With the help of this funding and all, Unacademy is now cut above its contemporary Ed-techs like Vedantu and Byju’s.
Unacademy is the most reliable platform on which millions of students can fulfil their dream through their you-tube channel after taking a subscription with a minimal amount of money. Funding is also use in the hiring of quality teachers for all subjects. Their hiring process is also standard compare to their main competitor Vedantu and Byju’s.
Regarding its vision and mission of expanding its educators and students, it aims to collaborate with the brightest minds and empower India’s youth population, which accounts for 19% of the world’s youth, to bring oneself into this contemporary world. In other words, its mission is to democratize access to high-quality education and, regarding its vision, get the country’s best minds to share knowledge in an easily comprehensible form.
The company’s mission statement deals with today’s strategy by which the organization can achieve that future goal.
It prepares students for competitive exams like NEET and JEE by working on their fundamental knowledge about the subject. During Covid, its contribution to preparing and nurturing the students for the future was magnificent.
According to their owner, they have a shared vision to make quality education accessible and affordable for students of all ages. The founder and cofounders believe in education for all and have launched a program to educate more than 500,000 girls.
This program is known as Shikshodaya. Educating a girl child will impact the individual, society, and her family. Unacademy’s vision is to democratize high-quality education for everyone, irrespective of their demographics and economic status. Due to slowdown in funding and unfavourable market conditions, Unacademy has fired 350 employees. 2022 was tough for edtech companies, and softbank-backed company Unacademy is no exception.
They have also cut costs and shed their employees. They said that they would enter offline learning in FY23. Their main revenue generation source is course subscriptions from students. Like many of the other edtech firms, they have decided to focus on the test prep market.
Even the CEO of NITI Ayog, Amitabh Kant, said Edtech has the potential to provide innovative, cost-effective methods to transform education and can play a powerful role in achieving universal access to quality education for all children.
It offers courses in 14 Indian languages. Since all the Ed-techs are facing a significant slump post covid, so like other companies, Unacademy also had to lay off several of its employees. In the recent past, the biggest positive came when Great Sachin Tendulkar decided to do the partnership with Unacademy. They are now creating an unmatched learning experience by having Sachin share his life lessons with their learners and coach them. Unacademy has always tried to bridge the demographical gap by reaching every part of India.
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