Unacademy, one of the fastest-growing ed-tech start-ups in India, has now been backed by the biggest social media company in the world - Facebook.
The company has raised $110 million as part of a Series E round of funding led by private equity firm General Atlantic, Facebook, Sequoia, and existing investors Nexus Venture Partners, Steadview Capital, and Blume Ventures.
Here are more details.
Facebook likely invested $20 million
Just recently, Gaurav Munjal, the co-founder and CEO of Unacademy, took to Twitter to confirm the multi-million-dollar investment in the company.
He didn't share individual contributions but sources familiar with the development told TechCrunchthat Facebook has infused around $20 million.
Now, this takes the valuation of the ed-tech start-up, which has been operating for the last five years, close to $400-500 million.
Unacademy's mission to connect students with top educators online
Since its early days, Unacademy has been providing students a platform to connect with top educators in the country through live classes and recorded sessions.
The platform covers a range of competitive and college entrance exams - from SSC and Bank to CAT and GATE - and provides detailed preparation material, complete with quizzes and live tests, to prepare for them.
Meanwhile, recently its subscription service hit $30M ARR
The backing of Facebook comes just a few weeks after Munjal announced that Unacademy Plus, their one-year-old subscription product providing access to all live classes, had reached $30 million in annualized recurring revenue.
Prior to that, in September 2019, the company had claimed that it has more than 10,000 educators and a batch of 13 million learners.
Here's what Munjal said about their developments on Twitter
We have also heavily invested in making high quality free classes available on YouTube and our own platform where we see more than 150M video views every month.
Facebook India VP Ajit Mohan: Unacademy transforming learning in India
"With this investment, we are reinforcing our commitment to the Indian start-up ecosystem as well as investing in a company that is transforming learning in India," Facebook India VP Ajit Mohan said while adding that "we love that the company is fundamentally democratizing education."
No word on how fresh funds will be utilized
As of now, neither Unacademy nor Munjal have said anything about how they plan to deploy fresh funds.
Notably, this is the second time that Facebook has invested in an Indian company. The first one was Meesho, a popular social commerce platform that had raised $125 million in a round led by Prosus Ventures in 2019.
Unacademy is challenged by several start-ups in ed-tech
In the ed-tech category, Unacademy is also challenged by a number of growing start-ups, including Times Internet's GradeUp, Tiger Global-backed Byju's, Ronnie Screwvala's UpGrad as well as Toppr, Testbook, and Vedantu.