India based Edtech firm Unacademy raises $150 million in funding led by Softbank Vision Fund 2 along with participation from existing investors including Facebook.
The fresh fund infusion values Unacademy at $1.5 billion, Unacademy co-founder Gaurav Munjal told Pixr8 News.
“Unacademy plans to utilise the funds to launch new products and build a world-class team and organisation. We have recently launched a chess course where Viswanathan Anand (Indian chess grandmaster) gives training. We will innovate and launch programs in several new categories,” Munjal said.
General Atlantic, Sequoia Capital, Nexus Venture Partners, Facebook, and Blume Ventures also participated in the round, the company said in a statement.
Unacademy saw close to three-fold jump in its valuation in the latest funding round.
“Our valuation is close to $1.5 billion. It was around Rs 3,825 crore when we last raised funds,” Munjal said.
The company had raised around Rs 780 crore in February in a funding round led by social media major Facebook and General Atlantic.
Unacademy has a network of over 18,000 educators and 3.5 lakh paid subscribers. The company caters to learning needs for over 35 competitive exams, besides important life goals such as chess, the statement said.
In a separate statement, SoftBank Investment Advisers Managing Partner Munish Varma said Unacademy is bridging the privilege gap in India by bringing quality education to a vast network of students for the first time.
“We are happy to partner them in their journey of helping students from all backgrounds succeed in the future,” Varma said.