According to a credible source, Unacademy - an education  technology startup- is in its final stage of raising USD 150 million in regards to fresh equity funding. The funding is led by SoftBank which is a Japanese Conglomerate and would be investing a pre-money valuation of about USD 1.3 Billion.

Due to the significant growth of Unacademy in these times of pandemic, this potential funding is being carried out. As compared to 90,000 subscribers in the month of February, the company claims that they have reached about 200,000 subscribers till date now. Hence, a growth of 80 percent in terms of revenues has been garnered in April.

Following the debacle of coworking startup WeWork, the technology investor has in the past year slowed down its pace of new bets globally cutting fewer cheques. Due to the heavy losses faced by the companies such as Oyo and Paytm, SoftBank is expected to deliver funding to these companies as well. 

Facebook had also funded Unacademy with about USD 110 million this year, and the company’s existing investors will also take part in the latest funding round of Unacademy along with SoftBank. However, the exact details have not been shared on who would be investing in this ed-tech startup. Moreover, a SoftBank spokesperson said that the firm would not comment on market speculation.

Unacademy would be India’s second best edtech company after Byju’s with the investment which is led by SoftBank. Unacademy is expected to rival against Vedantu who had also raised USD 600 million after it raised USD 100 million. This investment was led by Coatue Management in July. 

Recently, Chandigarh-based PrepLadder was acquired by Unacademy for about USD 50 million cash and also a stock deal. Byju's has also acquired WhiHat Jr for USD 300 million so as to get a foothold across the US edtech market. While if we speak about Vedantu, they too have recently invested about USD 2 million in an online instant doubt-solving app named InstaSolv.