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Facebook invests in Indian education start-up Unacademy
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SME Times News Bureau | 19 Feb, 2020
Social media giant Facebook on Wednesday joined others such as General
Atlantic and Sequoia India for a fresh $110 million round of funding
into one of India's fastest growing education technology start-up
Unacademy.
"We thank General Atlantic and Facebook who have
joined us in this journey and our existing investors who continue to be a
part of the journey by supporting us. Our goal is to democratise
education and become not just the largest educational organisation but
the largest consumer Internet story out of India," Gaurav Munjal,
Co-Founder and CEO, Unacademy, said in a statement.
Nexus
Venture Partners, Steadview Capital and Blume Ventures also participated
in this round of funding, along with Kalyan Krishnamurthy, CEO,
Flipkart and Sujeet Kumar, co-founder, Udaan, Unacademy said.
"Facebook
is an ally for India's economic growth and social development, and we
are excited about India and it's rapidly rising Internet ecosystem,"
said Ajit Mohan, Vice President and Managing Director, Facebook India.
"With
this investment in Unacademy, we are reinforcing our commitment to the
Indian startup ecosystem as well as investing in a company that is
transforming learning in India. We love that the company is
fundamentally democratising education and driving innovation in new
learning models," Mohan said.
The edtech start-up said that it
would utilise the funding to further penetrate into the test preparation
categories, launching more exam categories, acquiring top educators,
and creating exceptional learning experiences for the learners through
great content and product.
In addition to raising the funding, Unacademy also provided exits to some of the angel investors.
"Our
goal from day one has been to democratise education and make quality
education accessible to everyone. We do that by bringing the best
educators and content on our platform and ensuring it is accessible to
everyone across the country," Munjal said.
"We are seeing great
learning outcomes through our subscription where learners can take Live
classes by these educators. We now have more than 90,000 active
subscribers," he added.
Unacademy was started in 2015 as a
platform for educators and learners with educators creating educational
videos and offering Live interactive classes with access to more than 30
exam categories for the learners.
It now has more than 1
million videos on its platform. Currently the platform has over 10,000
educators who have created educational videos on Unacademy.
In
2019, Unacademy launched its subscription for various examinations which
gives access to the learners throughout the country to top educators
and structured learning.
Within a span of one year, Unacademy
has more than 90,000 active subscribers with 70 per cent of its
subscribers coming from tier-2 and tier-3 cities.
More than 700 educators take classes on Unacademy every day, the company said.
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