On Thursday, Unacademy (1), an edtech startup headquartered in Bengaluru, acquired Corsavy (2), a UPSC, Union Public Service Commission test preparation platform for an undisclosed amount.
Unacademy is planning to increase its position in the UPSC test preparation market with the latest acquisition. Earlier this month, Unacademy entered the unicorn club of India after receiving funds worth 150 million USD. SoftBank, a Japanese multinational conglomerate, led the mentioned fundraise. The valuation of Unacademy now stands at 1.45 billion USD.
The edtech startup is planning to conduct scholarship tests twice a month for UPSC aspirants with the merger. It will also manage knowledge sharing summits. Several UPSC toppers, educators, and field experts will participate in the forum.
Gaurav Munjal, the Co-founder and CEO of Unacademy stated on the merger that the platform is growing and strengthening its position as a leader for the test prep market. With Coursavy on-board, Unacademy gets a strategic role in the UPSC examination category. He added that Unacademy aims to democratize Indian education and the acquisition is a step towards that direction.
Unacademy is Streaming Acquisitions
In July, the firm acquired Mastree to increase its position in the K12 segment. The edtech startup, Mastree, is an one-stop subscription platform for STEAM courses for classes five to eight. The acquisition came only a week after acquiring another startup PrepLadder. PrepLadder offers postgraduate medical entrance exam preparation lessons.
Earlier in 2020, the edtech unicorn acquired Kreatryx. The acquisition aimed to increase Unacademy presence in GATE and ESE space. In June 2020, it also merged with CodeChef, a startup that offers programming courses.
Unacademy, along with its rival BYJU’s, is moving towards becoming super apps by acquiring smaller edtech startups with niche offerings.
As per the 2 billion USD Edtech Opportunity Report 2020 of Future of India, the alliance of K-12 and test preparation will make 66% of the total online education market by 2021. The combination is valued at approximately 1.3 billion USD.
As per estimations, the Indian edtech segment, offering skill development and online certification, accounts for 463 million USD. The market is growing at 38% CAGR from 2016 to 2021.