Edtech startup Unacademy gets $440 mn funding, valuation crosses $3.44 bn

Edtech startup Unacademy said Monday it has raised $440 million in a funding round led by Temasek and General Atlantic, Tiger Global, and Softbank Vision Fund pitching in as other participants.

The latest fundraise takes the valuation of Unacademy Group to $3.44 billion. This is up from $2 billion valuation in November last year.

The Series H funding round also had participation from Aroa Ventures, the family office of OYO Founder Ritesh Agarwal, and Deepinder Goyal, Co-Founder and CEO at Zomato. Some angel investors exited Unacademy in this round.

Unacademy Group’s valuation has grown almost ten times in 18 months: one of the fastest growth rates by a mid-stage consumer internet startup in India. The latest funding round follows one in January 2021 when Tiger Global, Dragoneer Investment Group, Steadview Capital and General Atlantic doubled down on their earlier investments through a secondary transaction.

The funding would help Unacademy compete with Byju’s, Vedantu, Simplilearn, UpGrad, Amazon Academy, and traditional education institutes. These companies are jostling to tap India's $180-billion education sector as the coronavirus pandemic forces the learning to go online.