Unacademy, an online education platform, which raised $500,000 in its seed round, has now raised another external round of funding. The ed-tech startup has raised $1 million from Blume Ventures, along with Stanford Angels India, and WaterBridge Ventures.
Apart from the aforementioned VC firms, several angel investors have also participated in the current round. Other investors include Sachin Bansal, Vijay Shekhar Sharma, Binny Bansal, Kunal Shah, Sandeep Tandon, and Ashish Tulsian.
Along with Tracxn Labs, existing investors, including Sujeet Kumar, Aprameya Radhakrishnan, Phanindra Sama, Sumit Jain and Vikas Malpani, also participated.
The funds raised in this round will be used by the company to develop its product, technology, conduct research and development. It will also spend money for hiring new talent.
Commenting on this funding round, Gaurav Munjal, co-founder of the company, said,
Within two months, the Unacademy Create app will be made available to all, so anyone across the world can create lessons in any language they like. After a thorough screening process, we will make the relevant lessons available on our platform that will be free for all to see.
Unacademy was founded by Gaurav Munjal, along with Roman Saini, Hemesh Singh and Sachin Gupta. Founded in 2015, Unacademy acts as a free education tool. It is concentrating towards the cause of providing free and quality education in the country.
It was started as a Youtube channel by Gaurav Munjal in 2010, which featured educational talks by experts in the domain. The ed-tech platform allows educators to create courses using their app on various subjects, including exclusive content for various competitive exams.
Sachin Bansal, executive chairman at Flipkart, who also invested in the current funding round, said,
In a short span of eight months, the founding team has proved that leveraging technology to empower its educators and students is a problem that can be solved effectively at scale.
Karthik Reddy, Managing Partner, Blume Ventures, said,
The product is designed for both lightweight production and consumption—in that it’s ingenious. This can change learning to an entirely different plane and kill a lot of ine ective institutional frameworks.
Recently, many startups in the ed-tech segment have raised significant amount of funding. Last month, Byndr secured $700,000 in its seed funding round to accelerate its growth. A couple of months ago, Cuemath had raised around Rs. 27 crore from Sequoia India and Unitus. Other startups in this space which raised funding includes EduRev, iDreamCareer.com, Oust Labs, among others.