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Deepti Sri · · 1 min readSources: Facebook-backed Indian edtech firm in talks to raise $400m in Temasek-led round
“After roping in a slew of investors including social networking giant Facebook and Japan’s SoftBank Vision Fund last year, education technology startup Unacademy is in advanced discussions to get Temasek as a backer for its new round of fundraising,” reported The Cap Table, citing two people directly briefed on the matter.
Details:
- The Indian edtech firm plans to raise about US$300 million to US$400 million in its new funding round to protect itself against acquisitions, which would peg its post-money valuation at US$3.2 billion.
- The financing round is likely to be led by Temasek while existing investors may also invest a “significant amount.” The companies have also reportedly signed a term sheet for the financing.
Context:
- In November 2020, Unacademy raised an undisclosed amount of funding from Tiger Global Management and Dragoneer Investment Group.
- Recently, rival upGrad also acquired Bengaluru-based video-enabled learning solution platform Impartus for 1.5 billion rupees (US$20.6 million) amid further consolidation in the Indian edtech space.
Editing by Collin Furtado and September Grace Mahino
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