India’s edtech giant Unacademy continues its growth and expansion spree. In another acquisition move, the Facebook-backed online learning platform has acquired Chandigarh-based medical preparation platform PrepLadder for $50 million – in a cash and stock deal.
The acquisition comes following the Bengaluru-based startup engaging in M&A talks with several local startups in recent months to expand its presence in the country. The move is set to strengthen Unacademy’s presence in medical entrance examination categories such as National Eligibility-cum-Entrance Test for Medical Post Graduate (NEET PG) and Foreign Medical Graduate Examination (FMGE).
PrepLadder, founded in 2016 by Deepanshu Goyal, Vitul Goyal, and Sahil Goyal, is focused in medical examinations and provides access to education services and preparation material for exams such as NEET PG, AIIMS PG, NEET SS, and FMGE. It claims to be India’s largest higher medical education platform, with over 85,000 active subscribers.
Commenting on the acquisition, Gaurav Munjal, Founder and CEO, Unacademy, said,
“As we strengthen our position as a market leader in the test prep market, bringing PrepLadder on board will play a strategic role for Unacademy in the medical entrance examinations category. At Unacademy, we have been working towards democratising education and this acquisition is a step towards achieving that goal.”
Unacademy has accelerated its growth in recent months as schools across the country have been shut to contain the spread of COVID-19. It claimed to have recorded a 100% increase in its paid subscriber base in the last three months given the emphasis on online learning. The company also said that the average daily watch time across its platforms has also risen significantly, with monthly watch time minutes reaching an all-time high of over 1 billion. Unacademy, which started in 2015, has amassed over 30 million learners on its platform, with more than 700,000 users accessing its app and website each day.
Expressing his excitement to be part of the India’s largest online learning platform, Deepanshu Goyal, Co-founder, PrepLadder, said,
“We are extremely happy to be a part of the largest learning platform in India. 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.”
Unacademy is reported to be also in talks with another Bengaluru-based tutoring startup, Mastree. The edtech giant had only recently acquired Delhi-based online exam prep platform Kreatryx as a part of its inorganic growth strategy.
In February, Unacademy raised $110 million in Series E funding round from General Atlantic, Sequoia Capital, and Facebook with participation from other existing and angel investors.