UNACADEMY RAISES NEW FUNDS FROM TIGER GLOBAL MANAGEMENT AND DRAGONEER INVESTMENT GROUP

Unacademy, an online Indian education platform, has raised a confidential amount of funding in a new round from Tiger Global Management and Dragoneer Investment Group, taking the company’s valuation to $2 billion. This is the third time the company’s fundraising and valuation have increased. The company was founded by Gaurav Munjal, Roman Saini, and Hemesh Singh in 2015, but originally, it was a Youtube channel started in 2010 by Gaurav Munjal.

Unacadamey’s first round of funds came in February when it raised $110 million from Facebook, General Atlantic, and others, bringing its valuation to $510 million. The second came two months ago in September 2020, when it raised another $150 million in a round led by SoftBank, valuing it at $1.45 billion.

The platform has over 47,000 educators who teach in more than 14 languages spread across 5000 cities. Over 1,500 live classes are conducted daily, and more than 3.2 billion minutes have been watched with over 2 million views each month, reports Unacademy in its blog.

“Our mission from Day One has been to democratize education and make it more affordable and accessible. We have consistently built the most iconic products that deliver high-quality education to everyone. Today, I’m delighted to welcome Tiger Global and Dragoneer as our partners in the journey. They are both marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives,” said Gaurav Munjal, co-founder, and chief executive of Unacademy said in a blog post.

“The opportunity to improve lives through online education is enormous because of its sheer accessibility. The Unacademy team has innovated rapidly to build a leading platform taking education to the farthest corners of India. We are very excited to partner with Unacademy and look forward to seeing it scale further,” said Scott Shleifer, Partner at Tiger Global, in a statement.

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