E-learning startup Unacademy has acquired Chandigarh-based PrepLadder for $50 million to expand its presence in the country.
PrepLadder offers courses aimed at medical students. The two-year-old startup employs 150 people but never have raised any capital from an external investor. Founded by Deepanshu Goyal, PrepLadder has more than 80,000 subscribers.
“Unacademy and PrepLadder are working towards the common goal of making quality education accessible to all. We believe that the synergies between both products will truly create a mark in the industry,” he said.
The acquisition comes as Byju’s and Unacademy – the two leading edtech startups in India – have engaged in talks with several local startups in recent months to strengthen their presence in the nation.
Unacademy has plans to explore opportunities to acquire more startups in the future. Some reports suggest that it is also in talks with Bengaluru-based tutoring startup Mastree.
In recent months, Unacademy has witnessed accelerated growth as schools across the country closed to prevent the spread of COVID-19. The startup which started as a YouTube channel in 2015 has grown tremendously and has amassed over 30 million learners on the platform. More than 700,000 users access their platforms on mobile and web daily.
Unacademy is backed by prominent investors including Facebook, Blume Ventures, Steadview Capital, General Atlantic, Nexus Venture Partners, Sequoia Capital India, and several others. It has raised around $200 million to date.
Unacademy offers dozens of courses for school students at no charge. It launched its paid subscription service last year. The platform has garnered 200,000 subscribers int he last three months and the subscriber base has surged two-fold.
“With increased emphasis on online learning in recent times, the average daily watch time across Unacademy platforms has witnessed a steep increase of 100%. The monthly watch time minutes has also reached an all-time high of over 1 billion,” the startup said in a statement.
On the other hand, Byju’s is in talks to acquire Doubtnut, another edtech startup and has offered $150 million for that. It is also in talks with Whitehat Jr, an online platform that teaches kids how to code. Byju’s is the most valuable edtech startup in India with a valuation of $10.5 billion.