Facebook participates in Indian edutech startup Unacademy’s US$110M Series E funding
Unacademy, a Bengaluru-based edutech startup, has onboarded Facebook as one of its latest investors in its Series E round of US$110 million funding. Inc42 reports that General Atlantic also joined the Series E round, along with Sequoia India, Nexus Venture Partners, Steadview Capital, Blume Ventures, Kalyan Krishnamurthy, CEO, Flipkart, and Sujeet Kumar, cofounder, Udaan.
Unacademy has said that it plans to use the funds to launch more exam categories, test preparation categories, acquire top educators, and create more learning experiences for the learners through its content and product. In addition to raising the funding, Unacademy also provided exits to some of the angel investors.
Founded in 2010 by Gaurav Munjal, Roman Saini, and Hemesh Singh, Unacademy first began with a free YouTube tutorial to teach students. In 2015, the company began offering free learning in lessons on every possible topic in multiple languages.
India clocked a staggering US$2 billion in the edutech industry, with Datalabs by Inc42 recorded around 4450 edutech startups in India with most capital injected into the test preparation and online certification segments.