Social media giant Facebook on Wednesday, along with General Atlantic, Sequoia India and others, is raising a fresh $ 110 million fund at India’s fastest growing education technology start-up academy.
This is the second investment made by the social networking giant in India. Last year, Facebook made its first minority investment, a social-commerce venture empowering entrepreneurs, especially women from small towns, for the first time at a local startup called Meisho.
“We thank General Atlantic and Facebook who have joined this journey and our current investors who support us and remain part of the journey.
Our goal is to democratize education and become not only the largest educational organization but also the largest consumer internet. A story outside India, ”Gaurav Munjal, co-founder and CEO, Academy, said in a statement.
Kalyan’s Krishnamurthy, CEO, Flipkart and Sujit Kumar, along with co-founders, Udayan, Nexus Venture Partners, Steadview Capital and Blue Ventures also participated in this round of funding.
Vice President and Managing Director of Facebook India, Ajit Mohan said, “Facebook is a collaborator for India’s economic growth and social development and we are excited about India and its fast growing Internet ecosystem.”
“With this investment in Unacademy, we are strengthening our commitment to the Indian startup ecosystem as well as investing in a company that is transforming learning in India,” Mohan said.
The EdTech start-up said it would use the funds to advance into test preparation categories, launch more exam categories, acquire top teachers, and exceptional learning experiences for learners through great content and product Will generate
In addition to raising funding, Unacademy excluded some angels from investing.
Munjal said, “Our goal from day one is to democratize education and make quality education accessible to all. We do this by bringing the best teachers and materials to our platform and ensuring that it is available to all across the country. Be accessible for. ”
“We are seeing great learning results through our membership, where learners can take live classes by these teachers. We now have more than 90,000 active customers,” he said.
Unacademy was launched in 2015 as a platform for teachers and learners, offering to create educational videos for teachers and offering live interactive classes for learners with access to more than 30 exam categories.
It now has over 1 million videos on its platform. The platform currently has over 10,000 teachers who have created educational videos on Unacademy.
In 2019, Unacademy launched its membership for various exams that give learners across the country access to top teachers and structured education.
Within a period of one year, Unacademy has over 90,000 active customers, with 70 per cent of its customers coming from Tier-2 and Tier-3 cities.
The company said that more than 700 teachers take classes at Unacademy every day.