Edtech startup Unacademy is in talks to raise $100-$150 million at a valuation that could make the ed-tech firm into the unicorn club, sources told ET.
Existing investors, General Atlantic & Steadview Capital, are likely to double down on their stake, while a host of global strategic & financial investors, including US-based hedge funds and China’s Tencent have booked interest at a potential valuation of more than $1 billion
Unacademy, which focuses on preparing students for competitive exams, said in February that it has over 90,000 active subscribers who log in to be tutored via livestream by 14,000-plus educators on its platform. Gaurav Munjal, co-founder and chief executive of Unacademy, and Tencent did not respond to emails till press time on Thursday to ET In March, Munjal said the platform crossed a watch time of 1 billion minutes while educators took 100,000 live classes, of which a fourth was free for the month. The company has also launched subscriptions for Class 9-12, onboarding educators across the country. India’s ed-tech sector is one of the few that has been galvanized by the Covid-19 pandemic, which has forced schools, colleges and higher education institutions to down their shutters, and move to the education-focused web and mobile platforms.