Unacademy Valuation Touches $3.4 Billion After Fresh Funding, Announces Three Products To Build & Scale

The funding will go towards building and scale Iconic products, constantly innovate and experiment besides creating value for its shareholders, said co-founder and CEO Gaurav Munjal.

India's Edtech gets further boost | Representative Image - Getty

The competition has heated up in the online Edtech space platform with Unacademy raising $440 million in a new financing round as investors are betting on India’s growth story. Unacademy’s co-founder and CEO Gaurav Munjal tweeted about the development on Monday.

The new investment in the Bangalore start-up has been led by Temasek along with Mirae Asset and existing investors including SoftBank Vision Fund 2, General Atlantic, Tiger Global.

The latest round also witnessed participation from Zomato co-founder and chief executive Deepinder Goyal and Oyo founder Ritesh Agarwal participated.

After the current investment, expected to be Series G funding, the valuation of the firm has touched $3.4 billion, up from $2 billion in November last year.

"With funding comes responsibility- to build and scale Iconic products of the future that delight our customer; to constantly innovate and experiment; to create value for our shareholders; to not mis-sell in an industry which is known for its bad sales tactics,” co-founder and CEO Gaurav Munjal tweeted.

“There are three major products that we will build and scale (or continue scaling): Unacademy: helping people crack life-changing exams; Relevel: giving people a path to get their dream job irrespective of their educational background and; Graphy: empowering creators to build their online businesses to sell digital goods including NFTs,” Munjal added.

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Even as existing backers SoftBank, General Atlantic, and Tiger Global also participated in the round. Other new investors include OYO founder Ritesh Agarwal’s family office Aroa Ventures, Korean firm Mirae Asset and recently listed Zomato’s founder and CEO Deepinder Goyal.

Moreover, the company had also announced the introduction of stock options for teachers on its platform.

Starting its journey on YouTube, the Bangalore start-up still uses Google’s video platform to onboard educators besides offering support to students for competitive exams such as civil services exams, engineering, and medical entrance, and more.