Bengaluru-based education technology start-up, Unacademy has recently announced to have acquired comprehensive test preparation start-up, NeoStencil.
NeoStencil is India’s first live-online test preparation platform for Government job exams. Its acquisition by Unacademy makes it’s the company’s fifth acquisition in 2020.
Unacademy is an online learning platform that offers educational content through exam tests and video lectures; this acquisition strengthens the company’s position in test preparation businesses and widens its reach in Tier-II and Tier-III cities.
As mentioned earlier, this is Unacademy’s fifth acquisition this year as the company earlier acquired CodeChef on June 18, PrepLadder on July 7, Mastree on July 14 and Coursavy on September 24, 2020.
Having said that, Gaurav Munjal, co-founder and CEO, Unacademy Group says that the company’s mission is to democratise knowledge and as they are headed firmly towards their goal, there still is a long way to go. He further added that at Unacedemy Group, they are also looking out for synergies in the form of companies that are creating an impact in the industry by making educational products accessible and affordable for the masses.
According to a report by Live Mint, After the acquisition concludes, Kush Beejal will continue with his position in the company as CEO and founder at NeoStencil and also find more effective ways to work together.
The acquired start-up is a managed online education platform that offers comprehensive test preparation for Indian government jobs. The platform provides excellent live online classes where aspirants can learn and study at their own respective pace with complete access to educational content. Students can play, pause, rewind the classes as per their convenience and can access the platform through any smartphone, laptop or tablet.
The company has helped over a hundred coaching institutes with over 15,000 paid students who can enter online classrooms from the comfort of their houses. Co-founder Kush Beejal mentioned in a statement that NeoStencil was honoured when Unacademy remarked that it was one of their most honourable competitors.
NeoStencil has raised total funds worth USD 1.1 million in over 3 funding rounds to date. Being acquired by a larger platform like Unacademy will give the company an opportunity to be a part of something big, sharing the same vision of democratising education and knowledge. Unacademy Group currently has over 47,000 educators associated with the platform who teach in more than 14 different Indian languages with presence across 5,000 cities.