Unacademy to raise funds from Temask
Ed-tech unicorn Unacademy is in talks to have Temasek as a backer for its new round of funding. The news comes after Unacademy had onboarded social networking giant Facebook and Japan’s SoftBank Vision Fund last year.
Unacademy had accelerated its campaign with a view to raising anywhere between $300-400 million, as it is looking at acquisitions for further growth. The latest round of funding takes the pre-funding valuation of Unacademy to about $3.2 billion, while the closing may go over $3.5 billion, depending on the amount raised.
That would be a raise of 60-75% in post-money valuation in under six months. After raising funds from US-based Tiger Management Global and Dragoneer Investment Group, Unacademy was valued at nearly $2 billion in November last year.
With the pandemic-induced work-from-home situation, ed-tech companies are observing a boom in the funding space, with Indian and foreign investors both looking to invest in this vertical.
The edtech sector is rapidly growing and so are companies like Unacademy. Unacademy has created an amazing platform for professionals to learn new and relevant skills. The company is surely looking at huge growth prospects. My best wishes to the team of Unacademy.Shishir Gupta, Founder and CEO, StartupLanes
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