Unacademy raises $1 million from Blume Ventures, others
- PSU banks line up QIPs after recapitalisation plan, Moody’s rating upgrade
- After SC relief, Bimal Gurung to bat for other Gorkha leaders
- Will Buenos Aires meet be the mother of all trade summits?
- Venture capital firms struggle to justify large funds as deals dry up
- IIIT Delhi, Cornell University test new transport management system
Delhi: Sorting Hat Technologies Pvt. Ltd, which runs the Unacademy start-up that provides free video courses, has raised $1 million from investors.
The current round of funding was led by Blume Ventures, Sorting Hat said in a statement on Wednesday. Stanford Angels India, WaterBridge Ventures, Traxcn Labs and individual investors such as Sachin and Binny Bansal (Flipkart), Kunal Shah (Freecharge), Vijay Shekhar Sharma (Paytm), Ashish Tulsian (POSist Tecchnologies), also participated.
The round also saw participation by existing investors such as Sujeet Kumar, Aprameya Radhakrishnan, Phanindra Sama, Sumit Jain, and Vikas Malpani. They had invested $500,000 in Unacademy in May. Read here
The company plans to utilize the funds for product technology, research and development and team expansion.
Founded in January by Gaurav Munjal, Roman Saini, Hemesh Singh and Sachin Gupta, Unacademy is a free online learning portal that allows educators to create courses using an app provided on the portal itself. The company aims to launch application for educators called Unacademy Create, to make the process of creating courses faster, the company said in a statement.
“Within two months, the Unacademy Create app will be made available to all, so anyone across the world can create lessons in any language they like. After a thorough screening process, we will make the relevant lessons available on our platform that will be free for all to see,”, said Munjal.
Since its launch, the portal has received 25 million video views on their educational lessons, with more than 100 educators that have created over 200 courses in the last eight months reaching out to 300,000 students, the company said in a statement.