Unacademy has been in the headlines for mixed reasons ever since the pandemic set in and running an edtech is certainly a tough row to hoe. The Bengaluru-based unicorn recently forayed into the offline domain compelling a feud with ace coaching institute franchise Allen Career Institute (ACI). Unacademy also grabbed headlines when it laid off 1,000 employees in April in an effort to cut costs and largely combat the funding winter. The edtech giant hasn’t raised any funds in 2022 so far.
In May, Gaurav Munjal, Co-founder of Unacademy, sent out a letter to his employees warning them that the funding winter could last up to 18 months and that they must “focus on profitability at all costs”. The company said that it has slashed its brand marketing budget and would instead opt for organic channels of growth. Munjal also stated in his letter that the company “must survive the winter” and that their goal at this time is to generate free cash flows.
|2016||Blume Ventures, Rajan Anandan, Phanindra Sama, Aprameya Radhakrishna, Sumit Jain, Sujeet Kumar||Seed Funding|
|2017||Nexus Venture Partners, Blume Ventures, Girish Mathrubootham (FreshDesk), Ananth Narayanan (Myntra), Stanford Angels||Series A|
|2017||Sequoia Capital, Nexus Venture Partners, Blume Ventures, SAIF Partners||Series B|
|2018||Nexus Venture Partners, Blume Ventures, SAIF Partners, Sequoia India||Series C|
|2019||Steadview Capital, Sequoia India, Nexus Venture Partners, Blume Ventures, Aakrit Vaish (Haptik), Sujeet Kumar (Udaan), Gaurav Munjal, Roman Saini||Series D|
|2020||General Atlantic, Blume Ventures, Facebook Inc, Kalyan Krishnamurthy (Flipkart), Sujeet Kumar (Udaan), Steadview Capital, Nexus Venture Partners||Series E|
|2020||Softbank, Facebook Inc, Blume Ventures, Nexus Venture Partners, General Atlantic, Sequoia Capital||Series F|
|2020||Dragoneer Investment Group, Tiger Global Management|
|2021||Steadview Capital, Dragoneer Investment Group, Tiger Global Management, General Atlantic||Series G|
|2021||Temasek, General Atlantic, Softbank Vision Fund II, Tiger Global Management, Aroa Ventures, Deepindar Goyal (Zomato), Mirae Asset||Series H|
Unacademy is currently valued at USD 3.44 Bn. The firm is met with headstrong rivals like Byjus. However, unlike Byjus, Unacademy seems to be espousing a more calculated approach to scale operations while continuing to combat the ongoing funding crunch. The firm’s net loss widened to INR 1,474 Cr in FY21 compared to INR 259 Cr in FY20. The edutech company is trying to rope in prominent teachers to survive the offset of the pandemic and its aftermath.