November 29, 2020

unacademy: Unacademy in talks to lift $150 million, led by SoftBank



BENGALURU: Unacademy is finalising a deal to lift round $150 million led by SoftBank, sources within the know advised ET, boosting the ed-tech startup’s pre-money valuation to $1.three billion, second solely to business chief Byju’s.

Unacademy final picked up $110 million from Fb and PE agency Basic Atlantic in February, at a valuation of $510 million.

Current buyers will even take part within the newest fairness funding spherical, the sources mentioned with out sharing additional particulars.

Sequoia Capital, Nexus Enterprise Companions, Steadview Capital and Blume Enterprise have been early backers of the agency.

Unacademy didn’t reply to ET’s emails looking for remark. A SoftBank spokesperson mentioned the agency is not going to touch upon market “hypothesis”.

unacademy

The fundraising will mark the primary funding in an Indian agency by SoftBank since December, when it had backed eyewear retailer Lenskart.

The famed expertise investor has over the previous 12 months slowed down new bets globally, chopping fewer cheques following the IPO debacle at portfolio agency WeWork.

SoftBank Imaginative and prescient Fund’s different massive Indian portfolio corporations reminiscent of finances resorts chain Oyo and digital funds platform Paytm have additionally been beneath the scanner because of mounting losses.

Information web site moneycontrol.com was the primary to report SoftBank’s plans to spend money on Unacademy on Friday.

The probably funding from SoftBank comes after Unacademy noticed a spike in on-line learners within the days following the Covid-19 outbreak.