Unacademy officially purchases India-based PrepLadder for USD 50 mn

Unacademy, the online learning platform based out of India, has claimed that it has acquired PrepLadder for a valuation of USD 50 million. The transaction was an all cash and stock deal, and has seemingly been undertaken by the Facebook-backed edtech giant in order to expand its presence in the country.
The buyout of PrepLadder comes at a time when both – Byju’s and Unacademy, the two major edtech leaders in India — have been engaged in M&A talks with numerous domestic startups in the last few months to consolidate their position in the country. Gaurav Munjal, Co-founder & Chief executive, Unacademy, has been quoted to state that he was open to the idea of holding discussions with more startups in order to scout for opportunities to work together. PrepLadder and Unacademy are working together to achieve the common goal of making quality education accessible to all, he continued, adding that the firm believes the synergies between both products to create a mark in the industry.
For the uninitiated, PrepLadder, based out of Chandigarh, has a workforce of about 150, and offers courses mainly for medical students. The startup is two years old and according to its co-founder, Deepanshu Goyal, it has never raised capital from external investors, PrepLadder has over 80,000 subscribers.
In recent month, Unacademy has depicted a commendable growth, since educational institutions across the country have been shut down as a result of the ongoing pandemic. Initially in 2015, Unacademy began as a YouTube channel, however, it has more than 30 million learners on the platform now, with over 700,000 users accessing its app and website every day.
Unacademy offers numerous courses for school-going kids, free of cost. However, last year, it introduced a paid subscription service. Today, the platform boasts of more than 200,000 subscribers and in the last three months, its subscriber base has increased by 100%, claim reliable sources.
Source Credits: https://techcrunch.com/2020/07/06/unacademy-prepladder-india/