BackUnacademy eyes IPO in 2 years; opens offline store
The Unacademy Store will have counsellors, and students can purchase subscriptions at the store after counseling and browsing through the content offering
PremiumMUMBAI : Edtech platform Unacademy plans to go public in two years, co-founder and CEO Gaurav Munjal said on Friday, as it launched an ‘experience store’ in New Delhi.
The company, owned and operated by Sorting Hat Technologies Pvt Ltd, plans to open three more stores in Jaipur, Lucknow and Kota, Munjal added but did not disclose how much it would invest in the stores. According to Munjal, the company is on track to achieving profitability in its core business and will look to go for an initial public offering (IPO) in the next two years.
“We definitely want to do an IPO and, in the next 12 months, we are eyeing profitability in our core business, which is the test preparation platform, and we are on track to achieve it," said Munjal.
The Unacademy Store aims to market the platform’s offerings to learners. The platform expects its customer acquisition cost to come down with the launch of experience stores, Munjal added. The offline stores will also provide counselling by experts and enable students to have meetings with top educators, which will provide them a holistic experience at the stores, Unacademy said.
In February, Byju’s, owned and operated by Think & Learn Pvt Ltd, had said it will launch about 500 offline tuition centres in India and will invest $200 million for the same. Aakash Educational Services, owned by Byju’s, is also looking to open 75 new centers this year, VCCircle had reported.
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