Social media giant Facebook on Wednesday joined others such as General Atlantic and Sequoia India for a fresh $110 million round of funding into one of India’s fastest growing education technology start-up Unacademy.
“We thank General Atlantic and Facebook who have joined us in this journey and our existing investors who continue to be a part of the journey by supporting us. Our goal is to democratise education and become not just the largest educational organisation but the largest consumer Internet story out of India,” Gaurav Munjal, Co-Founder and CEO, Unacademy, said in a statement.
Nexus Venture Partners, Steadview Capital and Blume Ventures also participated in this round of funding, along with Kalyan Krishnamurthy, CEO, Flipkart and Sujeet Kumar, co-founder, Udaan, Unacademy said. “Facebook is an ally for India’s economic growth and social development, and we are excited about India and it’s rapidly rising Internet ecosystem,” said Ajit Mohan, Vice President and Managing Director, Facebook India.
“With this investment in Unacademy, we are reinforcing our commitment to the Indian startup ecosystem as well as investing in a company that is transforming learning in India. We love that the company is fundamentally democratising education and driving innovation in new learning models,” Mohan said.
The edtech start-up said that it would utilise the funding to further penetrate into the test preparation categories, launching more exam categories, acquiring top educators, and creating exceptional learning experiences for the learners through great content and product. In addition to raising the funding, Unacademy also provided exits to some of the angel investors.
“Our goal from day one has been to democratise education and make quality education accessible to everyone. We do that by bringing the best educators and content on our platform and ensuring it is accessible to everyone across the country,” Munjal said. (IANS)