Food delivery major Zomato s CEO and co-founder Ritesh Agarwal joined the board of directors of Unacademy, the edtech unicorn that raised Series H funding from Goyal and OYO boss, Deepinder Goyal in August this year. Unacademy was valued at $3.44 billion, a significant jump from $2 billion valuation last year when it achieved unicorn status.
The other major investors in Unacademy include SoftBank, Tiger Global and General Atlantic.
I am thrilled to join the Unacademy board. I think it is one of the best product companies in India, and I am looking forward to learning from Gaurav and the team, said Deepinder Goyal.
Goyal, co-founder of Unacademy Group, said that Gaurav Munjal has been an advisor for several years and it was only a matter of time before that association transformed into a formal partnership. The announcement comes at a time when rivals like Byju have also made billions of dollars in funding since the pandemic, expanded to overseas markets as well as secured half a dozen acquisitions this year. The edtech industry boom in India since the pandemic onset has paved way for many investors to tap the growing market in India at a time when neighbour China has cracked down on private online education firms seen profiteering. The tech companies listed on the Chinese and Hong Kong stock exchanges have lost billions of dollars this year due to the government's action.
Also read: Zomato fires customer care agent, apologises for Hindi imposition Also read: 'Not something she should be fired for': Deepinder Goyal reinstates agent amid RejectZomato call.