Unacademy Group-owned company Graphy has acquired Spayee, an EdTech startup that empowers institutes, educators, and influencers to create, market, and sell their multimedia courses through a secured white-labeled platform, for $25 million.
With the latest acquisition, Graphy aims to strengthen its position in the creator ecosystem, while increasing its reach and enabling it to optimize its product offerings.
Post the acquisition, Spayee will continue to operate independently, the company said in a statement.
Founded in 2014 by Sandeep Singh, Gourav Kakkar, Aniruddha Singh, and Vijay Singh, Noida-based Spayee allows content creators to produce customized courses in the form of audio and video tutorials, PDF documents, quizzes, assignments, and live classes. The startup also supports creators to create and build their own website and mobile apps on Android and iOS. Currently, over 2,000+ creators and businesses have launched their platforms using Spayee.
Speaking about the acquisition, Sumit Jain, Co-Founder & CEO of Graphy, said,
"The creator economy is booming and at Graphy, we are constantly on the lookout for avenues that will help creators grow and achieve their full potential. We share a common ethos with Spayee, recognizing the need for an affordable, secured, and scalable medium for content creators to build an online education business. And Spayee has built a winning proposition for creators. We are confident that having them as part of the Unacademy Group will help us explore common synergies and build the world's largest creator community."
Announcing the acquisition, Spayee posted on its official Twitter page,
"With Unacademy's expertise & resources, we will be able to achieve our mission of building India's largest creator's economy."
Graphy, launched in 2018 by Sumit Jain, Sushil Kumar, and Shobhit Bakliwal, is a platform that helps creators grow their audience, monetize their skills, and host live cohort-based courses. It currently has over 500 active creators utilizing the platform to grow their reach and monetize their skills. The Unacademy Group company also recently launched multiple programs like the Creator Grant and Graphy Select Accelerator program to boost the creator economy and help creators monetize their skills and launch their online school.
Unacademy has already made three acquisitions this year including professional networking and future of work platform TapChief, online coaching platform for Common Admission Test (CAT) aspirants Handa ka Funda, and game streaming platform Rheo TV.
Earlier in August this year, Unacademy raised $440 million in a fresh fundraise from General Atlantic, Tiger Global, and Softbank Vision Fund. The round valued the EdTech major at $3.44 billion, a more than two-fold increase since September last year when the company entered India’s coveted unicorn club at a $1.45 billion valuation.
Bengaluru-headquartered Unacademy has spent close to $100 million in various acquisitions since 2018 to strengthen its capabilities beyond the test prep vertical.