Unacademy – India’s largest free online learning platform which was founded about an year ago, has today announced that it has raised its Series A round of funding. This marks the company’s third fund raising round since its inception.
In the current Series A round, the startup has raised $4.5 million (Rs 30 crores), led by Nexus Venture Partners and existing investor Blume Ventures.
The Bangaluru-based startup allows educators to create courses on various subjects, including exclusive content for competitive exams, which can be accessed by students on the company’s platform.
The courses on the platform, which currently cater to major competitive examinations, will soon have content from areas such as personal finance, personality development and more. Currently the platform has more than 6000 lessons spread over 500 courses.
The platform, which aims to get the best minds of the country share their knowledge, currently has more than 500,000 registered users with over 200,000 active users. Commenting about the startup, Gaurav Munjal, CEO, Unacademy, said,
Since ancient times India has been known as the land of vast knowledge and our teachers have been considered Gurus. A teacher is equal to a God, I have heard this from my parents since childhood. Unacademy aims to be the largest platform in the world where teachers or educators come and share their knowledge. Our teachers apply various innovative approaches from storytelling to mnemonics to make students understand a topic. And more importantly we have teachers from a lot of two-tier and three-tier cities and even villages teaching on the platform. Why should knowledge sharing be only done by Professors of Stanford, Harvard or IITs? With the influx of capital Unacademy aims to empower more educators who come on the platform to create highly engaging courses that impact millions of students. And we have just started, there is a long way to go.
With the new round of funding, Unacademy will aggressively invest in growing its educators base from 200 to 2000 in the next one year, across varied exam preparation, language learning and professional growth topics.
As a part of this new funding round, Sameer Brij Verma of Nexus Venture Partners is now joining the company’s board. He said,
We are strong believers in Unacademy’s platform-centric approach to building an engaged community of educators and learners. We feel that they are well-positioned to re-define and democratise learning using vernacular video-led courses for professional development, competitive exams and personal enrichment. The team has done a great job in growing a community of committed educators nationally by providing them with easy to use powerful tools to share their knowledge, grow their influence and monetise their knowledge.
In August 2016, Unacademy had raised additional $1 million in their second round of external investment. Prior to that, in April 2016, the startup had raised their first round of funding worth $500k.
Currently, it looks like Unacedemy’s biggest rival is Byju’s Learning. It has recently raised $50 million funding from the Chan Zuckerberg Initiative, Sequoia Capital, Sofina, Lightspeed Ventures & Times Internet. It had previously raised $75 million from Sequoia Capital and Sofina in March last year.