Unacademy, an India-based online education provider backed by social media company Facebook and telecommunications and internet group SoftBank, has raised between $75m and $100m, TechCrunch reported on Wednesday.
The new funding came from hedge fund manager Tiger Global Management and investment group Dragoneer at a $2bn valuation. The company has not disclosed the size of the round, but a person familiar with the matter told TechCrunch it was in the $75m to $100m range.
Founded in 2015, Unacademy runs an online platform that provides study aids and mock tests in addition to live video classes and pre-recorded lessons. It specialises in students looking to get into higher and post-graduate education.
Gaurav Munjal, Unacademy’s co-founder and chief executive, said: “Our mission from day one has been to democratise education and make it more affordable and accessible. We have consistently built the most iconic products that deliver high-quality education to everyone.
“Today, I am delighted to welcome Tiger Global and Dragoneer as our partners in the journey. They are both marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives.”
SoftBank’s Vision Fund joined Facebook and venture capital firm Sequoia Capital in a $150m series F round for Unacademy two months ago that valued it at $1.45bn.
The company’s first corporate backing came in a $110m Facebook-backed series E round in February this year that was led by growth equity firm General Atlantic at a reported $400m pre-money valuation.
Existing backers Steadview Capital, Sequoia India, Nexus Venture Partners and Blume Ventures also took part in the February round. The company’s earlier investors include SAIF Partners, Stanford Angels, WaterBridge Ventures, Tracxn Labs and various individuals.
