Edtech startup Unacademy has acquired Jaipur-based online exam preparation startup Wifistudy in a stock and cash deal, Gaurav Munjal, founder and CEO of Unacademy announced in a Facebook post.
The deal between the Bengaluru-based Unacademy and Jaipur-based Wifistudy is expected to be worth $10 million (around INR 73 crores), as reported by Economic Times. Wifistudy will continue its operations independently under the leadership of Dinesh Godara, who is the current CEO of Wifistudy.
Unacademy has signed the deal months after it raised INR 144 crores in series C round of funding from Sequoia India, SAIF Partners, Blume Ventures and Nexus Venture Partners in July this year. The strategy behind the deal is to grow Unacademy’s presence among the mid and low-level public sector job seekers in the country.
Founded by Dinesh Godara in 2015, Wifistudy provides an online education and career platform to job seekers and help them prepare for exams across different sectors including SSC, Banking, and railways among many other competitive examinations.
Wifistudy boasts a 4.5 million subscriber base with more than 70 million monthly video views. The YouTube channel of the startup holds a record to be the largest educational channel in the world.
Post the acquisition, Wifistudy will launch a profile on Unacademy which will allow Unacademy’s users learn and access Wifistudy’s videos easily.
Founded by Gaurav Munja (ex founder and CEO of Flatchat), Roman Saini, Hemesh Singh, and Sachin Gupta, Unacademy is the India’s largest free learning platform. Initially, the service was launched as a YouTube channel in 2011. The website and mobile apps were launched in 2016.
Unacademy provides comprehensive study materials and video tuorials to help students prepare for different competitive exams. With over 50,000 online lessons and more than 1.3 million registered users and 4,000 educators, the startup competes with Byju’s, Simplilearn, Toppr, and Meritnation amont several other startups.
India’s edtech sector is expected to grow to $1.96 billion by 2021 and is currently valued at around $247 million, according to a report by KPMG and Google. The sectors is packed with huge potential for growth and several startups are tapping into the sector.