Online learning startup Unacademy on January 13 said it had closed a secondary transaction round in which investors such as Tiger Global, Dragoneer Investment Group, Steadview Capital, and General Atlantic increased their stake in the company.
As part of the round, the investors acquired additional shares worth $50 million, doubling their investment.
The latest transaction followed the round in November when Tiger Global and Dragoneer Investment Group invested in the Unacademy Group at a $2 billion valuation.
Founded by Gaurav Munjal, Roman Saini, and Hemesh Singh in 2015, Unacademy was started as a YouTube channel by Gaurav Munjal in 2010. The company has grown to become the country’s leading online learning platform with a network of 48,000 registered educators and over 40 million learners.
It allows educators to create videos for courses from school-level learning to college entrance exams across streams.
It claims to be facilitating over 150,000 live classes on the platform each month, with a collective watch time being over 2 billion minutes per month.
In 2020, coronavirus fired up the online education space, as students have been forced to learn from home. Startups such as Unacademy, Byju’s, Vedantu, WhiteHat Jr, and Eruditus all benefited from this, raising money at higher valuations in a few months. In a nutshell, Indian ed-tech startups raised a record billion dollars in 2020 alone.