NeoStencil, an India-based online education platform backed by corporates Bennett Coleman & Co (BCC) nd 91Springboard, has been bought by peer Unacademy for an undisclosed amount, the Economic Times reported yesterday.
Founded in 2014, NeoStencil provides more than 500 educational courses that help students study for government entrance exams through an online platform offering educational resources such as livestreamed online classes and pre-recorded videos.
The company picked up $1m in a 2017 round co-led by media group BCC’s Brand Capital unit and Paragon Trust that included co-working space provider 91Springboard and angel investors Hirokazu Mashita and Praveen Sinha. It had received $60,000 from Paragon Trust and Piyush Dhanuka in 2015.
NeoStencil is Unacademy’s fifth acquisition in 2020 and it comes after a November round featuring Tiger Global Management and Dragoneer sized between $75m and $100m that valued it at $2bn.