Facebook backed Unacademy acquires education technology PrepLadder
Founded in 2016, PrepLadder, based in Chandigarh has been acquired for $50 million.
Facebook backed Unacademy acquires education technology PrepLadder. Facebook-backed online learning platform Unacademy has acquired ed-tech startup PrepLadder for $50 million. The Chandigarh-based startup primarily provides preparatory help with medical entrance exams.
The acquisition highlights how ed-tech startups are favorites of investors in current times. In the first six months of 2020, venture capital investors pumped in $795 million in the segment compared with $108 million in the year-ago period.
Started in 2016 by Deepanshu Goyal, Vitul Goyal, and Sahil Goyal, PrepLadder specializes in medical examinations and provides access to education services and preparation material for exams such as NEET, AIIMS, and FMGE.
“As we strengthen our position as a market leader in the test prep market, bringing PrepLadder on board will play a strategic role for Unacademy in the medical entrance examinations category. PrepLadder is doing great work in its field and we hope they go into more markets and continue this work,” said Gaurav Munjal, founder and CEO, Unacademy.
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Deepanshu Goyal, co-Founder, PrepLadder said, “We are extremely happy to be a part of the largest learning platform in India. Unacademy and PrepLadder are working towards the common goal of making quality education accessible to all. We believe that the synergies between both products will truly create a mark in the industry.”
In February, Unacademy raised $110 million from Facebook. And US private equity firm General Atlantic at a post-money valuation of $510 million.
Founded in 2015 by Gaurav, Roman Saini, and Hamesh Singh. However, Unacademy currently has more than 30 million learners in its platform. With more than 10,000 educators catering to over 35 exam categories.
With schools shut due to the Corona Virus pandemic. However, online learning platforms have stepped in to fill the gap. Therefore, providing investors with robust prospects. Recently, Byju’s also offered to acquire WhiteHat Jr. for $300 million.
Happy to announce that PrepLadder, India’s largest higher medical education platform, is now a part of Unacademy Group. pic.twitter.com/7E5WyoIrzo
— Gaurav Munjal (@gauravmunjal) July 7, 2020