India -based online ed-tech startup Unacademy has raised $110 million in its post-funding round from Facebook, General Atlantic, in the participation of few other investors.
The new round led by Facebook, and US private firm General Atlantic also saw the participation of its existing investors like Sequoia India, Nexus Venture Partners, Steadyview Capital, Blume Ventures including some angel investors like Flipkart CEO Kalyan Krishnamurthy, and Udann cofounder Sujeet Kumar.
Founded by Roman Saini, Hemesh Singh, Gaurav Munjal in 2010, Unacademy provides online classes for students who are preparing for their competitive exams.
In a statement issued, the company said, “The company will use the new round fund to increase the number of competitive exams it currently services, adding top educators and for quality content improvement on its platform.”
Speaking on Fundraise, Gaurav Munjal, CEO, Unacademy, said, “We have started to monetize a year ago and in the first month we made around Rs 2 crore in revenue, and In 12 months we saw the growth of 9X. Last month we generated Rs 18 crore.”
“Our goal is to become not just the largest educational organization, but the largest consumer internet story out of India,” he added.
Ajit Mohan, VP & Managing Director, Facebook India, in its statement said, “With this investment in Unacademy, we are reinforcing our commitment in the Indian ecosystem as well as in investing in a company that is transforming learning India.”
“We love that the company is fundamentally democratizing education and driving innovation in new learning models,” he added.
Commenting on the investment, Shantanu Rastogi, Managing Director, General Atlantic, said, “Unacademy’s live classes platform disrupts and democratizes the learning process in an unmatched manner, with more than 18 million students who engage with the company’s content underscoring its quality.”
“Multilingual classes, practice tests, peer discussions and comprehensive coverage of over 30 exam categories is also leading to accelerated adoption of the company’s subscription plan, Unacademy Plus,” he added.