upGrad claimed to have crossed the milestone of ₹100 cr monthly revenue and hit an Annual Revenue Run Rate of ₹1,200 cr. The startup now aims a 25% revenue growth during the quarter ending in June. The edtech startup registered a 100% revenue growth in 2020, while offerings jumped 3x along with garnering 1 mn “learners across 50+ countries.” It had registered 10 mn hrs of learning experiences and acquired three companies in 2020.
Edtech unicorn Unacademy has acquired NeoStencil, a test preparation platform focused on government jobs, making it its fifth acquisition of 2020. Code Chef, K-12 learning platform Mastree, PrepLadder and Coursavy were the other purchases of Unacademy of the year. The NeoStencil acquisition will strengthen Unacademy’s pole position in the test preparation segment and increase presence in Tier II and III cities.
Unacademy has raised undisclosed funds (between $75 mn to $100 mn in size) from Tiger Global and Dragoneer Investment valuing the startup at around $2 bn, up from about $500 mn in Feb this year. Unacademy helps students prepare for competitive exams to get into college, or those pursuing graduate-level courses. The platform has over 47,000 educators who conduct over 1.5 lakh live classes each month in 5000 cities to generate a watch time of 2 bn minutes.
Edtech platform upGrad has acquired Bengaluru-based The Date Academy having 57 coaching centres in India for an undisclosed amount. upGrad will invest Rs 100 cr into TGA to develop 20,000 hrs of content in multiple languages and provide access to at least 10 lakh test applicants, annually. The acquisition said to be first among many M&A planned by upGrad, marks its entry into the test preparation market. TGA will continue to be separate brand run by its Founder and CEO Ritesh.
US-based edtech unicorns expect India to be their largest user bases outside the states. These platforms focus on professional courses and soft skills programs. For Udemy India has become the second-largest market with 9.8 mn learners after U.S, that has 14 mn learners. Coursera has added 5 mn learners in the past 10 months compared to 1.4 mn in 2019. Udacity has tied up with an IT training provider to offer its programs to over 500 tech companies including HP, IBM.
In 2016, Advitiya Sharma quit Housing.com to start Genius Teacher. He aimed to transform education into a learning adventure. Today, the AI-based learning platform, Genius Teacher has raised $2 million and is looking to raise another $5-8 million in venture capital funding or Series A in the next 12 months. The company aims to use this fund for product innovation. The round saw participation from several serial entrepreneurs, startupreneurs and institutional investors.
Unacademy will buyback ESOPs worth Rs 25-30 cr. According to the company statement, employees can sell their ESOPs up to Rs 10 lakhs. Unacademy, with this ESOP buyback plan, has become the seventh startup in the ecosystem to go for ESOP buyback after Zerodha, FirstCry, BharatPe, Urban Company, MPL and Meesho in 2020. The buyback will take place on 10th Dec, where employees can participate and sell 25% to 100% of their ESOPs to the company.
EdTech startup Winuall has raised Rs 14.7 Cr in funding from Prime Ventures Partners, Beenext and LivSpace founder Ramakant Sharma, among other angel investors. The company provides tech infra to offline coaching institutes on a subscription model to bring them online, enabling them to conduct live classes and assessment. The startup is targeting to sign up 20K institutes on its platform to reach 3M students by the end of 2021.
Edtech start-up WhiteHat Jr is ramping up its women-only teacher base in India, adding about 220 teachers a day; plans to have about 20K educators on its platform by year-end. It presently has over 7K teachers on its platform earning anywhere between Rs 50K to Rs 15L per month. The ongoing ramp-up is to match the growing international user-base. It helps kids from 6-18 years build commercial-ready games, animations, apps online using coding fundamentals.