The market value of the company to reach $400-500 million
Facebook is again trying to invest in start-up ventures in India. It got involved in a new round of investment for edtech enterprise Unacademy which saw an inflow of $110 million. This round of financing was led by General Atlantic saw participation from Sequoia India, Nexus Venture Partners, Steadview Capital, and Blume Ventures. CEO of Flipkart, Kalyan Krishnamurthy, and Udaan Cofounder Sujeet Kumar were the few dignitaries that were present there.
As per the sources, this round of funding pushed the market value of the company to $400-500 million. Facebook was also involved in funding an undisclosed amount in the social commerce platform Meesho last year. Meesho is a start-up company that connects resellers with customers via channels such as WhatsApp.
Aims to make quality education accessible to everyone
Ajit Mohan, VP and MD of Facebook India said, “With this investment in Unacademy, we are reinforcing our commitment to the Indian start-up ecosystem as well as investing in a company that is transforming learning in India.” The new funds allowed the company to let go of some of the investors that were with the company at the beginning. As of now, the company has raised around $88.5 million in six rounds of funding.
Gaurav Munjal, Co-founder, and CEO of Unacademy said, “Our goal from day one has been to democratize 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.” The new funding will be used to explore new possibilities in the test preparation segment by introducing different exam categories.
