Unacademy gets funding from Tiger Global and Dragoneer Investment

Unacademy has raised an undisclosed amount of money from Tiger Global Management and Dragoneer Investment Group in a deal that values the online learning startup at $2 billion.

Tiger Global and Dragoneer are marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives, said Gaurav Munjal, co-founder and Chief Executive Officer (CEO), Unacademy, announcing the deal.

Happy to have both Tiger and Dragoneer onboard on our mission to build Iconic Products that democratise Education and make it more accessible and affordable.

— Gaurav Munjal (@gauravmunjal) November 25, 2020

 

The new investment follows a fundraising in September when the company collected 150 million in a round led by SoftBank Vision Fund 2, along with existing investors General Atlantic, Sequoia Capital, Nexus Venture Partners, Facebook, and Blume Ventures. Unacademy was then valued at $1.45 billion.

Unacademy has been one of the many Indian startups that has benefitted immensely from the unprecented migration to online learning after schools in India remain shuttered due to the pandemic.

The deal makes US investment firm Tiger Global an investor in three of India's largest edtech startups. It is an investor in Vedantu and Byju's as well.Founded by Munjal, Roman Saini and Hemesh Singh, Unacademy allows educators to create videos for courses from school-level learning to college entrance exams across streams.

It also offer more advanced courses such as those for cracking the civil services and MBA entrance tests.

The coronavirus has fired up the online education space, as students have been forced to learn from home. Startups such as Unacademy, Byju’s, Vedantu, WhiteHat Jr and Eruditus have all benefited from this, raising money at higher valuations in a few months’ time. Indian ed-tech startups have raised a record billion dollars this year alone.