Online learning platform Unacademy today said it has raised $11.5 million Series B round of funding led by Sequoia India and SAIF Partners. The round also saw participation from the existing investors and angels including Nexus Venture Partners and Blume Ventures.
The edtech startup will utilise raised capital to enhance its product and technology, and to scale to other categories including personality development, new languages and job interviews. it will also invest to produce its own knowledge based content with its top educators on the platform.
Commenting on the development, 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.”
Unacademy is an online learning platform that empowers educators to create courses on various subjects. The platform currently has more than 50,000 lessons online and over 1 million registered users. It is also one of the largest education channels on YouTube India with 1 million subscribers.
The platform’s educators range from influencers like Dr Kiran Bedi to teachers in smaller towns and cities such as Dhiraj Singh Chouhan in Jagdalpur and Yasmin Gill in Panchkula.
“Sequoia India is inspired by Unacademy’s vision to create a global platform that enables educators to create content and engage with learners. The missionary team at Unacademy is off to a tremendous start, achieving rapid early adoption and Sequoia is thrilled to be a part of their journey,” said Shailendra Singh, Managing Director, Sequoia Capital (India) Singapore Pte. Ltd.
Unacademy was founded by Gaurav Munjal, Roman Saini, Hemesh Singh and Sachin Gupta. Gaurav and Hemesh were previously running Flatchat which was acquired by CommonFloor in 2014. Roman, 26, is a doctor from AIIMS and one of the youngest people to clear the prestigious Indian Civil Services Examination. To follow his passion, he quit his administrative services post as Asst. Collector of Jabalpur to start Unacademy.
Recently, the company added billionaire and serial entrepreneur Bhavin Turakhia to the board.
So far, the company had raised $17.5 million in total funding across four rounds. Most recently in January, Unacademy raised $4.5 million in Series A funding led by Nexus Venture Partners and existing investor Blume Ventures.
In August 2016, the startup raised $1 million from Flipkart co-founders Sachin Bansal and Binny Bansal and Paytm founder Vijay Shekhar Sharma, with Blume Ventures leading the round. Blume also led the company’s $500,000 angel round in May 2016.