By DIVANSHU KUMAR Today’s edtech offerings are built for revenue-generation, not education The last two decades have seen a significant boom in technology, primarily when it comes to Internet access for the first billion people, as it’s called. There is optimism that technology can [...]
This is the edtech portal’s second acquisition in two years
Elearning platform Unacademy, headquartered in Bengaluru, acquired New Delhi-based online competitive exam prep platform Kreatryx for an undisclosed amount in a cash and stock deal, the company announced in a statement on March 31.
Post-acquisition, Kreatryx will continue to be run independently by Founder Ankit Goyal, under the Unacademy Brands Team, it added.
“The objective of us joining Unacademy is to provide quality education at the most affordable price and with the best faculty all over India,” said Ankit Goyal, Co-Founder at Kreatryx, in a live stream that aired on March 30 on its YouTube channel.
Founded in 2014, Kreatryx has elearning content and online classes for competitive national examinations in India.
The edtech startup caters to students appearing for competitive exams, such as the Graduate Aptitude Test in Engineering (GATE) exam, the Engineering Services Exam (ESE), and the Indian Government’s Staff Selection Commission exam amongst others.
Goyal noted in the statement, “We at Kreatryx share a common vision with Unacademy, that of leveling the playing field and making quality education accessible to all. We believe that joining our forces will help us create a huge impact in the market, especially when it comes to critical exams like GATE and ESE.”
Founded in 2015, Unacademy’s list of educators includes India’s first woman Indian Police Service and Lieutenant Governor of Puducherry Kiran Bedi. It has catered to over 13 million learners so far with a network of 10,000+ educators, the company said.
Earlier this year, it raised $110 million in a Series E round led by Facebook, General Atlantic and Sequoia Capital India.
Gaurav Munjal, Co-Founder and CEO at Unacademy, said in the statement “With its strong presence in the GATE and ESE segment, Kreatryx will play a pivotal role in further building our dominance in the segment and bring us closer to achieving our vision.”
This is Unacademy’s second acquisition. It earlier acquired online education and career portal WiFiStudy, an online elearning platform on Youtube, in late 2018.
Amidst the COVID-19 pandemic, India has gone under a complete national lockdown until April 14. With schools and colleges shut, Unacademy made 20,000 live classes free for learners earlier this month.
It isn’t the only one to do so. With 327 edtech startups, India is home to the second largest elearning tech market in the world. Competitors Toppr, UpGrad, Vedantu and India’s biggest edtech unicorn Byju’s have also made learning resources and live content free on their platforms.
Header Image by Kelly Sikkema on Unsplash.