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 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.
Online education learning platform Byju’s is in talks to raise fresh $400 mn capital at a $10 bn valuation, media reports said. Byju’s, if the things go as planned, would become the most valuable startup in India after Oyo and PayTm, valued at $10 bn and $16 bn, respectively. eLearning platforms have witnessed a massive surge in the past few weeks as students are taking classes from their home due to COVID-19 lockdown.