Bangalore-based startup Unacademy, an online learning platform has raised about $4.5 Mn in funding in its Series A round led by Nexus Venture Partners and Blume Ventures, reported ET.
Besides, Girish Mathrubootham, CEO, Freshdesk and Ananth Narayanan, CEO, Myntra, along with Stanford Angels have also participated in the current round of funding.
The raised capital will be used to expand the content portfolio, onboard educators on the platform, hire talent, and improve user experience. Besides, the funds will also be invested in growing educator base from 200 to 2000 in the next one year across varied exam preparation, language learning and professional growth topics.
“We will invest in technology and how to scale through technology. Secondly, we want to get the best educators. In the near future, we aim to have one million active users on the site every month and reach to at least 20,000 lessons on the platform,” said Gaurav Munjal, CEO, Unacademy.
Launched as an educational YouTube channel in 2011 and as a free learning platform Unacademy in 2016, the startup allows educators to create courses using their app on various subjects, including exclusive content for various competitive exams. Unacademy was founded by Gaurav Munjal (ex-founder and CEO Flatchat), Roman Saini, Hemesh Singh, and Sachin Gupta.
As per the deal, Sameer Brij Verma of Nexus, who is joining the company’s board, said, “We feel that they (Unacademy) are well-positioned to redefine and democratise learning using vernacular video-led courses for professional development, competitive exams and personal enrichment. The team has done a great job in growing a community of committed educators, nationally, by providing them with easy-to-use powerful tools to share their knowledge, grow their influence and monetise their knowledge.”
Currently, the platform has over 6,000 lessons spread over 500 courses and has more than 500,000 registered users with over 200,000 active users.