Success Story of Unacademy – A Learning Platform Designed for Competitive Examinations
đź“„Company Profiles
Authors: Himaya Presthitha, Manisha Mishra
Date: Oct 27, 2023 — 24 min read
Unacademy: Revolutionizing Competitive Examination Preparation
Unacademy has established itself as a premier online learning platform dedicated to helping students prepare for competitive examinations. This success story highlights the company’s journey, innovations, and impact on education.
Introduction
Classroom learning often fails to cater to the individual needs of students, particularly those in remote areas who lack access to quality education and updated methods. Unacademy addresses these issues through its comprehensive online platform, offering courses and lectures from top educators in India. It covers a wide range of competitive exams, including CAT, JEE, NEET, CLAT, UPSC CSE/IAS, IBPS/SBI, and RRB, thus empowering students nationwide.
Company Overview
Founded: 2015
Founders: Gaurav Munjal, Dr. Roman Saini, and Hemesh Singh
Headquarters: Bangalore, Karnataka
Industry: EdTech
Parent Organization: Sorting Hat Technologies Private Limited
Website: unacademy.com
About Unacademy
Initially launched as a YouTube channel by Gaurav Munjal in 2010, Unacademy officially became a registered company in 2015. It has grown remarkably, with over 10,000 educators and 13 million users. As of April 2022, the platform boasts 800,000 active paid subscribers.
Unacademy offers a variety of products, including the Learner App, Educator App, and Parent App, providing live and recorded classes. It has launched several new initiatives in 2023, such as Cohesive AI, an AI content editor, and the Unacademy Store, a physical location in Bhubaneswar.
Market and Industry
The Indian edtech market, valued at $2.8 billion in 2020, is expected to grow to $10.4 billion by 2025. Unacademy is a key player in this rapidly expanding industry.
Founders and Team
Gaurav Munjal: CEO of Unacademy and a Computer Engineering graduate from NMIMS, Mumbai. He previously founded FlatChat, which was acquired by CommonFloor.
Dr. Roman Saini: A doctor from AIIMS and an IAS officer, Dr. Saini left his administrative role to become the Chief Educator at Unacademy.
Hemesh Singh: CTO of Unacademy, previously served as the CTO of FlatChat.
The company now operates with 5,001 – 10,000 employees and is valued at $3.44 billion as of 2022.
Vision and Mission
Unacademy’s vision is to create courses in multiple languages for a global student base, particularly focusing on students from Tier 3 cities. Its mission is to democratize education by leveraging technology and high-quality educators.
Educators and Initiatives
Unacademy features interactive classes and motivational talks from prominent figures, including cricketers and political leaders. Its “Legends on Unacademy” and “Unacademy Icons” initiatives aim to provide life skills alongside academic knowledge.
Growth and Revenue
Unacademy has achieved significant milestones, including raising $150 million from SoftBank, entering the Unicorn club in September 2020, and acquiring 12 companies. It plans to conduct an IPO in the next two years.
Financial Highlights (FY21 – FY22):
- Operating Revenue: Rs 398 crore (FY21) to Rs 719 crore (FY22)
- Total Expenses: Rs 2,030 crore (FY21) to Rs 3,703 crore (FY22)
- Profit/Loss: Loss of Rs 1,537 crore (FY21) to Loss of Rs 2,848 crore (FY22)
Future Plans
Unacademy aims to expand its offerings, add more exams, and increase its subscriber base. It continues to focus on providing top-quality education through its innovative platform.
Shareholding Structure
- Sequoia Capital: 13.1%
- ESOP Pool: 14.4%
- SoftBank: 11.5%
- General Atlantic: 10.1%
- Steadview Capital: 4.7%
- Blume Ventures: 4.8%
- Temasek: 4.5%
- Ocean View Investments: 3.6%
- Tiger Global: 3.9%
- Gaurav Munjal: 3.5%
- Hemesh Singh: 2.3%
- Others: 7.2%
Unacademy continues to thrive as a leading edtech platform, revolutionizing education for competitive exams and beyond.