Graphy acquires edtech startup Spayee for $25 million1 min read . Updated: 11 Oct 2021, 03:23 PM IST
- Graphy which was launched in 2018 is a platform for educational content creators to grow their audience and host live cohort-based courses
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BENGALURU : Unacademy Group-owned Graphy on Monday said it has acquired edtech platform Spayee for $25 million, as it looks to increase its reach and optimise its product offerings.
Post the acquisition, Spayee will continue to operate independently, the company said in a statement.
Seven-year old Spayee allows content creators to produce customised courses in the form of audio and video tutorials, portable document format (PDF) documents, quizzes, assignments, and live classes.
Spayee 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, it 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, recognising 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," said Sumit Jain, co-founder and chief executive officer, Graphy.
“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," added Jain.
Currently, the company has over 500 active creators utilising the platform to grow their reach and monetise their skills.
Graphy also recently launched multiple programs like the Creator Grant and Graphy Select Accelerator program to boost the creator economy and help creators monetise their skills and launch their online school.
Earlier in August, this year, Unacademy raised $440 million as a part of a fresh fundraise from General Atlantic, Tiger Global, and Softbank Vision Fund. The round valued the edtech company at $3.44 billion, a more than two fold increase since September last year, when Unacademy entered India’s coveted unicorn club at $1.45 billion valuation.
Unacademy has already made three acquisitions this year including - professional networking and future of work platform, TapChief; online learning platform for Common Admission Test (CAT) aspirants, Handa ka Funda and game streaming platform, Rheo TV.
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