Facebook invests in Indian startup Unacademy
Social media giant Facebook on Wednesday joined General Atlantic, Sequoia India and other fresh $ 110 million round of funding as one of India’s fastest growing education technology startup Unacademy.
This is the second investment in the social networking giant in India. Last year, Facebook made a minority investment in the local first startup called Meesho, social commerce venture authorizing the first-time entrepreneurs, especially women in small towns.
“We thank General Atlantic and Facebook, who have joined us on this trip and existing investors, who continue to be part of the journey by supporting us. Our goal is to democratize education and to become not only the largest educational organization, but the biggest consumer of the Internet story out of India, “Gaurav Munjal, founder and CEO, Unacademy, said in a statement.
Nexus Venture Partners, Steadview capital and Blume Ventures also participated in this round of funding, as well as Kalyan Krishnamurthy, CEO of Flipkart and Sujeet Kumar, co-founder, Udaan.
“Facebook has been an ally of India’s economic growth and social development, and we are excited to India and the fast-growing Internet ecosystem,” says Ajit Mohan, Executive Vice President and Managing Director, India Facebook.
“With this investment in Unacademy, we reaffirm our commitment to the Indian startup ecosystem, as well as investing in a company that is transforming learning in India,” Mohan added.
Edtech startup said it would take advantage of funding continues to penetrate into the test preparation classes, to launch more exam classes, acquiring the top trainers and creating a lot of content and product through an exceptional learning experiences for learners.
In addition to raising funding Unacademy also leaves some angel investors.
“Our goal from day one has been to democratize education and to make high-quality education available to all. We do it by bringing the best content to our educators and the beginning and make sure it is available to everyone throughout the country, “Munjal said.
“We see a major learning outcomes of our subscription where students can take classes live their educators. We now have over 90,000 active subscribers, “he added.
Unacademy was started in 2015 as a platform for teachers and students with teachers by creating educational videos and offers live interactive classes access to more than 30 exam classes for learners.
It is now more than 1 million videos a platform. At the moment, the forum has more than 10,000 teachers, who have created educational videos Unacademy.
In 2019, launched various studies Unacademy subscription which gives access to learners throughout the country to the top breeders and structured learning.
Within the span of one year, Unacademy has more than 90,000 active subscribers to 70 percent of its subscribers are coming from Tier-2 and tier-3 cities.
More than 700 teachers to take classes on Unacademy on a daily basis, the company said.
