On 25th September 2020 (Thursday), The Bengaluru-based Edtech startup, Unacademy successfully acquired Coursavy, a Union Public Service Commission (UPSC) test preparation platform. This deal was made for an undisclosed amount.
If you did not already know, there is a whole market dedicated to exam preparations, this is a full-time business and with this acquisition, Unacademy has intended to strengthen its position in this segment of the business.
The edtech startup has been a part of India’s Unicorn Club for quite some time now. This happened with a funding of $150 million which was led by SoftBank- a Japanese multinational conglomerate. The current value of the company stands for approximately $1.50 Billion, according to sources.
The acquisition will bring great learning opportunities for students with the company’s aim to conduct bi-monthly scholarship tests, knowledge sharing summits with UPSC toppers and top educators from this sector. The Bi-monthly scholarship tests conducted by Unacademy are said to be called-Aspire.
Recently in August, the BCCI- Board of Control for Cricket in India had announced Unacademy to be its official partner for the Indian Premier League 2020 (IPL).
Gaurav Munjal, CEO and Co-founder, Unacademy commented on this acquisition, saying that he intends to democratize education in India and by bringing in Coursavy, they are strengthening their roots in the Indian test preparation market, this acquisition is a strategic move for their end goal.
In January 2019, Vimal Singh Rathore started Coursavy. The company’s vision and mission revolved around, to develop high-quality educational content for UPSC aspirants through technology and keep it affordable for every student to make the best use of it.
Now, after the acquisition, the educational content from coursavy will be used by Unacademy educators to teach their students. Coursavy teacher will now teach on Unacademy and also mentor existing students, help them for the preparations of UPSC CSE examinations.
Coursavy CEO, Vimal Singh says that at Coursavy they have a loop of disciplined teaching, a complete full-circle ecosystem where educational content, students, teachers, online interactions and problem-solving sessions are conducted throughout the day as a daily discipline. They encourage their students to focus on education and leave the rest upon the educators, each one of their queries are solved is the aim of every educator at Coursavy.
The CEO is thrilled to partner with Unacademy to democratize education in the country and with this acquisition, students can now avail the best of both worlds by having access to the right resources and technology that will help them shine through their UPSC and other examinations.