Unacademy, an online learning platform, has today announced that it has secured around ₹73 crore ($11.5 million) in its Series B round of funding. The round was led by Sequoia Capital India and SAIF Partners. Other existing investors of the company, including Nexus Venture Partners and Blume Ventures, have also participated in the current funding round.
Unacademy will use the funding to accelerate its product and technology. It also plans to expand with new categories such as personality development, new languages and job interviews. It will also spend a significant amount of money in producing its own knowledge based content with the top educators on the platform.
Gaurav Munjal, CEO and co-founder, Unacademy, said,
Our vision is to build the world’s largest online knowledge repository by empowering great educators. With the backing of Sequoia and SAIF, we are poised to significantly gain momentum and create the first global education technology product out of India. I’m very excited to kickstart this new phase of growth for Unacademy.
Alok Goel, Managing Director, SAIF Partners, said,
Unacademy democratises access to personalised learning by connecting educators and students directly on its platform. We believe it has the potential to disrupt the status quo that limits access to quality education at a global level. With very limited investment, the team has built a strong brand and word-of-mouth reputation. We are delighted to support the team in realising their mission.
Unacademy, founded in 2010 by Roman Saini and Gaurav Munjal, is an online learning platform that empowers educators to create courses on various subjects. It enables people from all educational backgrounds and localities to become educators on board and start teaching with the help of just an app, known as Unacademy Create. Unacademy was running as a youtube channel for first few years and the latest version was launched in December 2015. The company had recently added Bhavin Turakhia to its board.
The company’s vision is to build the world’s largest online knowledge repository for multi-lingual education. The platform claims that it currently has more than 50,000 lessons online and over 1.3 million registered users with over 4,000 educators.