India-based remote education software provider Unacademy has secured $440m in series H funding featuring internet and telecommunications group SoftBank’s Vision Fund 2, TechCrunch reported today.
The round was led by Singaporean state-owned investment firm Temasek and backed by Mirae Asset, General Atlantic, Tiger Global, Deepinder Goyal and Ritesh Agarwal, valuing Unacademy at $3.44bn. The company has raised roughly $860m since it was founded in 2015.
Unacademy has built an app targeting students preparing for tertiary education institutions’ entrance, providing learning materials including practice exams and live and pre-recorded classes.
The money will be used to increase the company’s offerings beyond education technology, adding products in categories including professional training and recruitment.
Unacademy received between $75m and $100m in a November 2020 round at a $2bn valuation from Tiger Global Management and Dragoneer.
SoftBank Vision Fund had participated in a $150m series F round, investing alongside social media platform Facebook and Sequoia Capital two months before, valuing the comapny at $1.45bn.
Facebook had chipped into Unacademy’s $110m series E round in February the same year, which was led by General Atlantic. Returning investors Steadview Capital, Sequoia India, Nexus Venture Partners and Blume Ventures filled out the participants.
SAIF Partners, Stanford Angels, WaterBridge Ventures, Tracxn Labs and several private investors are among Unacademy’s earlier investors.
