Bangalore, India-based online education technology company Unacademy has secured around $150 million in its latest funding spearheaded by Softbank Group. The latest round boosted the company's valuation to $1.45 billion.
Online education is in demand as a result of the international health crisis.
SoftBank led the online learning group's funding round while existing backers Blume Ventures, Nexus Partners, Facebook, Sequoia Capital and General Atlantic chipped in. Unacademy has now raised about $350 million.
India has witnessed an increase in the popularity of internet-based learning as a result of the effects of the pandemic-triggered restrictions on regular school activities. The government has eased lockdowns in some regions but students still turn to virtual learning modules.
"In a young country where only privileged urban Indians with a lot of money could reach exam-prep experts, Unacademy has democratized knowledge," the startup's 29-year-old joint founder Gaurav Munjal said. His goal is to make Unacademy a unicorn - or a startup with a $1 billion or greater valuation - before he turns 30 on Sept. 8.
The company helps students prepare for college entry examinations - including those who pursue a graduate curriculum. Through Unacademy apps, students can view live online lessons and participate in classes.
Unacademy has 350,000 paying subscribers and more than 18,000 licensed teachers. More than 30 million use the app. Unacademy's average charge for an examination preparation is $20 to $150 a month and it offers online modules to anyone with a smartphone.
Online learning has been among the fastest growing developments in India during the coronavirus. The Chan Zuckerberg Initiative - owned by Facebook founder Mark Zuckerberg and his wife Priscilla Chan - funded Mumbai-based Eruditus last week in a $113-million venture. Toppr, which specializes in K-12 learning, secured $46 million while Bangalore-based Vedantu got $100 million.
Byju, Unacademy's top competitor, was worth more than $10 billion after its latest funding from Mary Meeker's debt growth fund Bond Capital, according to TechCrunch. Byju, also backed by Sequoia Capital, is currently the world's most valuable education technology startup.
