upGrad Education will grant ESOPs to 600 employees, taking the total tally to 780. It covers all employees who have completed a year of service in the firm. It also announced a flexible leave policy for its 2,500 employees. The ESOP pool stands at around 14% of the total equity of the company. upGrad currently offers online programs in the area of data science, technology, management and law to college students, working professionals as well as enterprises.
Edtech startups in India have raised a total $2.22 bn in 2020, according to a report by Indian Private Equity and Venture Capital Association and PGA Labs. These startups, so far, have raised a total of $4 bn since 2016. Byju’s and Unacademy topped the list with a total of $2.32 bn and $354 mn, respectively. Followed by Vedantu at $206 mn, Toppr at $107 mn, and Lead School at $39.4 mn. B2B edtech firms raised a total funding of $31 mn between 2017 -20.
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.
Ed-tech start-up BYJU’S has raised $500M in a fresh round of funding from Silver Lake. The round also saw participation from existing investors including Tiger Global, General Atlantic and Owl Ventures. The new round values BYJU’S at $10.8B, up from its last valuation of $10.5B. Media reports state that there are more new international investors who are expected to fund BYJU’S in the next few quarters.
Unacademy has raised $150M in the series F financing round led by SoftBank Group, valuating the online learning start-up at $1.45B. Existing investors Facebook, Blume Ventures, Nexus Partners, General Atlantic and Sequoia Capital also participated in it. The platform has 30M registered users and it has amassed over 350,000 paying subscribers. Unacademy’s to-date raise in about $350 million.
Mumbai-based education start-up Eruditus said that it has raised $113 M in the Series D financing round led by Leeds Illuminated and Prosus Ventures. Chan Zuckerberg Initiative and existing investors Sequoia India and Ved Capital also participated in the round which brings Eruditus’ to-date raise to more than $160M. Eruditus is the second start-up that Chan Zuckerberg has backed in India; First investment was BYJU’S, that also operates in edtech market.