Unacademy buys test prep platform NeoStencil in fifth acquisition in 20201 min read . Updated: 30 Dec 2020, 09:09 PM IST
- The acquisition will further cement Unacademy’s leadership position in the test preparation space, the company said
- Post the acquisition, CEO and Founder, Kush Beejal will continue to run NeoStencil while also finding synergies on how the two platforms can work together
The startup had earlier acquired Code Chef, K-12 learning platform Mastree and PrepLadder, a postgraduate medical entrance exam preparation platform. Most recently, Unacademy acquired UPSC test prep platform Coursavy in September.
The NeoStencil acquisition will further cement Unacademy’s leadership position in the test preparation space, while increasing its footprint in Tier II and III cities, the company said.
“Our mission at Unacademy Group is to democratise knowledge and while we have set out firmly towards that goal, we still have a long way to go. We’re always
looking for synergies in the form of great companies and teams, which are creating an impact by making educational products affordable and accessible," said Gaurav Munjal, Co-Founder and CEO, Unacademy Group.
NeoStencil was founded in 2014 by Kush Beejal and Love Beejal to make education available, accessible, and affordable across India. It has developed an asset-light and scalable model which uses technology to solve the problem of accessibility for students and teachers.
The live-learning platform has helped over 100 coaching institutes go live, and over 15,000 paid students enter classrooms from the comfort of their homes. NeoStencil has tie-ups with over 100 institutions and offers 500 plus courses to nearly 11 lakh students. The ed tech startup doubled its partnerships with academic institutions during the lockdown period.
“Our resolve is to ensure that every aspirant has access to the best resources regardless of whether they live in a metropolitan city. Joining the Unacademy
Group enables us to realise this vision by being a part of a larger movement. I still remember meeting Gaurav three years back, and his remark that NeoStencil is one of their most honourable competitors meant a lot us. We’re delighted to come onboard," said Kush Beejal, Founder and CEO, NeoStencil.
Post the acquisition, Kush Beejal will continue to run NeoStencil while also finding synergies on how the two platforms can work together.
Founded five years ago by Munjal, Roman Saini and Hemesh Singh, Unacademy offers test preparation classes for subjects ranging from civil service and banking exams to programming languages. It has over 47,000 educators teaching in more than 14 Indian languages and users across 5,000 cities.
Last month, it raised funds from US-based Tiger Global Management and Dragoneer Investment Group at a valuation of $2 billion.