India has a new unicorn startup. On Wednesday, Bangalore-based online learning startup announced it has raised $150 million in a new financing round that valued the Facebook-backed firm at $1.45 billion (post-money).
SoftBank Group — through its Vision Fund 2 — led Unacademy’s Series F financing round while existing investors Facebook, Blume Ventures, Nexus Partners, General Atlantic and Sequoia Capital participated in it. In its Series E round, which Unacademy closed in February this year, it was valued at over $400 million.
Unacademy helps students prepare for competitive exams to get into a college and also those who are pursuing graduation-level courses. On its app, students watch live classes from educators and later engage in sessions to review topics in more detail.
Last year, the startup launched a subscription service that offers students access to all live classes. The platform, which has 30 million registered users, has amassed over 350,000 paying subscribers already.
“Our goal always has been to democratise knowledge and make it more affordable and accessible by getting the best experts of the world help everyone achieve their goals. We are just getting started,” said Gaurav Munjal, co-founder and chief executive of Unacademy, in a tweet.