tiger global invests in india’s unacademy at $2 billion valuation

Unacademy, an Indian online education provider, has recently added two prominent investors to its ownership structure. The company, headquartered in Bangalore and specializing in K-12 online learning, announced on Wednesday that it has secured new funding from Tiger Global Management and Dragoneer Investment Group.
The latest funding round is estimated to be between $75 million and $100 million (as reported by a source with knowledge of the deal; Unacademy has not publicly confirmed the amount). This investment has increased the startup’s valuation to $2 billion, a significant rise from its valuation of approximately $500 million in February of this year when Facebook became an investor, and $1.45 billion in September during a round led by SoftBank.
“From the beginning, our goal has been to broaden access to education and make it more affordable for everyone. We have consistently developed leading-edge products that deliver high-quality learning experiences. I am pleased to welcome Tiger Global and Dragoneer as partners in this endeavor. Both are highly respected global investors with a proven track record of supporting innovative companies that positively impact lives,” stated Gaurav Munjal, co-founder and CEO of Unacademy, in a press release.
Unacademy supports students preparing for competitive college entrance exams, as well as those enrolled in postgraduate programs. The platform allows students to attend live classes with instructors and then participate in follow-up sessions for in-depth review. Recently, the startup has also hosted online interviews with notable figures, such as Indian politician Shashi Tharoor, covering a variety of subjects, which has broadened its audience beyond traditional students.
The platform currently features a network of over 47,000 educators, delivering instruction to students in more than 5,000 cities across India in over 14 different languages. More than 150,000 live classes are held each month, and the total viewing time across all platforms exceeds 2 billion minutes monthly, according to the company.
“The potential to enhance lives through online education is substantial due to its widespread accessibility. The Unacademy team has quickly innovated to create a leading platform that is extending educational opportunities to even the most remote areas of India. We are thrilled to collaborate with Unacademy and anticipate its continued expansion,” said Scott Shleifer, partner at Tiger Global, in a statement.
Numerous education-focused startups in India have experienced considerable growth in recent months, as schools throughout the country have remained closed due to the coronavirus pandemic. Despite the general reluctance of Indian consumers to pay for online services – a trend observed by companies like Google and Facebook, which have large user bases in India but limited revenue – the education sector is an exception. Indian families continue to invest significantly in their children’s education, hoping to secure a brighter future for them.