Education technology company Unacademy is raising a series-C round of $25-30 million led by Sequoia Capital India along with other investors, according to sources. The round may value the company around $100 million.
Unacademy is an online learning platform that helps educators to create courses on various subjects. 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. The company might use the money to go deeper and expand into areas like K-12 and competitive exams like JEE, according to the above quoted sources.
“They are putting their star teachers and are launching online courses, it is almost like a Coursera model,” said a source on condition of anonymity. “They have had traction due to their YouTube channel and have good traction on the civil services side. They are going to other verticals like JEE and K-12 too, but those need good branding. They are looking to expand and hire more tutors for creating new courses and videos and also for marketing.” In response to our queries,Unacademy said it “did not want to comment”.
The platform currently has more than three lakh lessons and around 10,000 teachers. Unacademy Plus, the company’s recently-launched paid platform, wherein tutors take live classes, is making revenues too.
Unacademy’s education channels on YouTube have around two million subscribers.
Unacademy is backed by Sequoia, SAIF Partners, Nexus Venture Partners and Blume Ventures. Last year, it added serial entrepreneur Bhavin Turakhia to its board.
The education technology scenario in the country is dominated by well-funded players like Byju’s and Cuemath and also some well entrenched offline players. Sequoia Capital has been bullish in the edtech space and has also backed Byju’s and Cuemath.