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Edtech startup “Unacademy” in rumors to raise $55 million

A Bengaluru based edtech startup is in discussions to raise $55 million in a funding round led by Hong Kong based hedge fund “Steadview Capital”. Steadview Capital has backed many companies like Ola and Flipkart. If the rumor is true, this Bengaluru based startup would be valued at $230-$250 million. Sequoia Capital India and SAIF Partners, which are existing investors of Unacademy are going to participate in a new funding round as well.  At the initial stage, Unacademy’s platform was not monetized but now they have moved to a subscription based model for students aspiring to prepare for competitive exams like CAT, UPSC, IIT-JEE etc. Paid userbase of Unacademy is expected to touch 30,000 by the next four months. Unacademy is a growing edtech platform with over 150 million monthly views across the country on YouTube and their own platform.