Indian edtech unicorn Unacademy has successfully raised $440 million in its Series H funding round, bringing its total valuation to $3.44 billion. This substantial investment underscores Unacademy’s continued growth and its significant position in the educational technology sector.
Unacademy Raises $440 Million in Series H Funding, Achieves $3.44 Billion Valuation
What began as a YouTube educational channel in 2010, Unacademy has evolved into a leading online learning platform. Founded in 2015 by Gaurav Munjal, Hemesh Kumar Singh, and Roman Saini, the Bangalore-based startup, operated by Sorting Hat Technologies Pvt. Ltd., offers structured courses for college and government competitive exams, including board exams, with both live and recorded classes.
On August 2, 2021, Unacademy announced a significant $440 million raise in its Series H funding round. The round was led by Temasek Holdings and saw participation from existing investors including General Atlantic, SoftBank Vision Fund, Tiger Global, Mirae Assets, Aroa Ventures, as well as notable individuals such as Deepinder Goyal, CEO of Zomato, and Ritesh Agarwal, Founder of OYO. According to a joint report by Omidyar Network India and Red Seer, the post-K-12 market is projected to grow 3.7x, reaching a $1.8 billion market size. This latest funding has boosted Unacademy’s valuation from $2 billion to $3.44 billion, a 70% increase.
Unacademy now serves over 50 million active learners across 5,000 cities and boasts a network of more than 50,000 registered educators. The new funds will be directed towards scaling products and expanding offerings. In response to the booming online education market during the pandemic, Unacademy has acquired several edtech startups, including WiFiStudy, Kreatryx, CodeChef, PrepLadder, Mastree, Coursavy, NeoStencil, Tapchief, Handa Ka Funda, and Rheo TV.
Additionally, Unacademy has introduced a Teacher Stock Options Plan (TSOP), allocating over $40 million to its educators over the coming years. This initiative, which will immediately benefit more than 300 educators, aligns with the growing trend of ESOP buybacks and is a notable move in the current economic climate.
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