In the wake of coronavirus pandemic where most of the businesses are densely suffering E-learning business is making the most out of it. The ed-tech companies have been hogging the limelight for fundraising, valuation as well as acquisitions and driving merger.
Unacademy is an educational technology company based in Bangalore. This educational firm claims to be India’s largest learning platform. It believes that the classroom environment suffocates many brilliant minds and they are changing this through their platform. Over 3 lakh students have gained benefits from over twenty-four thousand online classes which include specialized courses on cracking various competitive exams just within six months. The platform helps students boarding on top educators from all over the country, even Kiran Bedi is one of them. The platform proudly shares its success stories that include students who have cracked tough exams improved their ability to speak and write better and increase their knowledge. It possesses a vision to partner with the brightest minds and serves courses on every possible topic in various languages so that the complete globe can gain benefit from these courses.
Mastree is also an e-learning platform. It was started in 2019’s October and was founded by Royal Jain and Shrey Goyal. The foundational learning and the challenging transition to middle school for students as well as their parents were well recognized by the company. the company’s mission is to inspire students to achieve excellence and building a bridge between the gaps of empowering the foundation. It focuses on the subjects of science and maths for the students of middle school. It is striving hard to construct a one-stop destination for STEAM (Science, Technology, Engineering, Arts, and Mathematics). It claims that the solution provided by them clarifies a student’s conceptual understanding and it heightens their curiosity. It provides live sessions for the earlier mentioned subjects. The firm believes in providing foundational excellence through the ‘Mastery Way of Learning’ across the whole ecosystem of students, parents, and teachers.
About the investment
An announcement was made by Unacademy that it has led a strategic investment of five million dollars to acquire a majority of stake(43.09%) in the leading K-12 but according to several media reports, Unacademy acquired 51% stake in the same. Unacademy’s presence in the space of K12 learning will be empowered because of this investment. Unacademy group includes PrepLadder, Wifistudy, CodeChef, and Kreatryx and after this investment, Mastree will be a part of this group. This is not just all about the investment, Blume Ventures has been provided an exit from Unacademy.
The CEO and Co-Founder of Unacademy, Gaurav Munjal said that “During our first meeting, Shrey and Royal showed us the product they were building. We were very excited about it, and hence we decided to partner together. Unacademy and Mastree have a shared vision, and together we want to create an impact and make quality education accessible and affordable. Mastree is building a highly impactful subscription product, and it will change the way students learn. We are very happy to have Mastree as part of the Unacademy Group,”
Shrey Goyal who is the Co-Founder and CEO of Mastree said that “Mastree’s mission is to help students achieve academic excellence by igniting their curiosity and providing them with personalized and affordable education. We are excited to be a part of the Unacademy Group and have the Unacademy team as a partner and mentor in this journey.”
This year has proved to be a boon for the e-learning business platform and Unacademy is making the most of it. The company had raised One hundred and ten million dollars from General Atlantic, Facebook, and Sequoia at a valuation of five hundred and ten million dollars.
After the acquisition of controlling stake in Mastree, Unacademy will start competing with Byju’s (after raising an unrevealed amount from BOND Capital, it became a decacorn), Vedantu (raised back to back rounds this year) and Google-backed Cuemath (which is trending nowadays to raise a large round).