Critics say most companies are overvalued and long-term growth is a big question, but industry insiders say it is just the beginning of something big.
If the deal fructifies, the investment could thrust Unacademy into the unicorn club
If completed, investment could thrust online education platform into unicorn club.
Chandigarh-based PrepLadder was founded by Deepanshu Goyal and Vitul Goyal in 2015.
Unacademy has seen a particular spurt in revenue and growth in the past year after it started monetising Unacademy Plus.
The database includes users from companies like Wipro, Infosys, Cognizant, Google and Facebook.
The $5.7-billion investment will have a ripple effect through India’s startup and consumer internet ecosystem, say insiders.
The company offers test series, personalised feedback and one-on-one interactions with educators for various competitive examinations, including UPSC.
With the latest round of funding, Unacademy could become India's largest online educators, with over 10,000 teachers and three million registered users
The company raised a Series A round of about USD 4.5 million in January, this year.
Unacademy allows educators to create courses using their app on various subjects, including exclusive content for various competitive exams. Over 100 educators have created more than 200 courses in the last eight months using Unacademy's platform.