Unakademie, One of the fastest growing educational startups in India has just received the support of a major technology giant: Facebook.
The social juggernaut participated in the series E financing round of the four-year-old Indian startup, sources TechCrunch said.
General Atlantic leads the round, the size of which is approximately $ 100 million, sources said. It wasn't immediately clear to us how much check Facebook shortened, but one source said it was under $ 20 million. The round rated the startup, which had raised $ 90 million before the current round, at over $ 400 million, the source said.
The Unacademy is aimed at students who are preparing for exams to get to college and at students who are taking graduate level courses. It enables students to watch live courses from educators and later attend meetings to discuss topics in more detail.
A year ago, the startup launched a subscription service that gives students access to all live classes. Gaurav Munjal, co-founder and managing director of the Unacademy, twittered Earlier this month, the subscription service had turned into an ARR deal of $ 30 million.
This is the second time Facebook invests in an Indian startup. Last year it participated in the $ 125 million financing round from Meesho led by Prosus Ventures.
Facebook and Unacademy did not respond to a request for comment.
Ajit Mohan, VP and CEO of Facebook India, told TechCrunch in an interview last year that the company was open to startups that are developing solutions for the Indian market.
"Wherever we believe that there are opportunities beyond today's work, we are open to further investment deals," he said.
The Indian newspaper Mint first reported in December that the Unacademy was in talks with General Atlantic and GGV Capital to raise up to $ 100 million. TechCrunch understands that GGV Capital, The company, which invested in Edtech startup Vedantu earlier this month, is not participating in the financing round of the Unacademy.
Vedantu and Unacademy compete with Byju’s, an Indian startup that has General Atlantic as an investor and is valued at $ 8 billion. The Chan Zuckerberg Initiative has invested in Byjus, but has sold at least part of its shares, according to an approval file analyzed by the Entrackr office.
As India's startup ecosystem begins to mature, it attracts corporate giants. Google, Amazon and Twitter have also invested in Indian startups. While Twitter supported the social platform ShareChat, Google invested in the hyper-local concierge app Dunzo.