Existing investors Sequoia India, Nexus Venture Partners, Steadview Capital and Blume Ventures also participated in the round, apart from investments by Flipkart CEO Kalyan Krishnamurthy and Udaan co-founder Sujeet Kumar in their individual capacities.
Unacademy, which focuses on preparing students for competitive exams, said it would utilise the money to increase the number of competitive exams it currently services, bring top educators onto its platform and improve the quality of content.
“We started to monetise around a year ago, and in the first month, we made around Rs 2 crore in revenue, and last month we did around Rs 18 crore. So, we’ve grown 9X in 12 months and we plan to continue growing from here,” said Gaurav Munjal, cofounder and CEO of Unacademy.
Unacademy says it has over 90,000 active subscribers who log in to be tutored via livestream by 10,000 educators on its platform. The company also hosts video tutorials on YouTube, which it says receives over 150 million monthly views and acts as a funnel in bringing learners onto its platform.
“Unacademy’s mission of enabling educators across disciplines to reach the widespread aspiring student community across the country is inspiring. Its live classes platform disrupts and democratizes the learning process in an unmatched manner, with more than 18 million students who engage with the company’s content,” said Shantanu Rastogi, Managing Director, General Atlantic.
Munjal added that 70% of its learners come from tier 2 and tier 3 cities, where there is a lack of access to top educators. The plan is to add more languages, more teachers and more exams into the mix, just as it added NTA, UGC and CSIR examinations into its fold recently.
Currently, Unacademy has content catering to 32 competitive examinations. The company said some of its older courses have become profitable at a unit level, but it is solely focused on growth and adding new subscribers, for now.
“With this investment…we are reinforcing our commitment to the Indian startup ecosystem as well as investing in a company that is transforming learning in India,” said Ajit Mohan, Vice President and Managing Director of Facebook India.
The investment makes Unacademy one of the most highly valued ed-tech startups in India, after giant Byju’s which is valued at $8.2 billion. Byju’s has also raised capital from Facebook founder Mark Zuckerberg’s foundation.