Unacademy acquires NEET preparation platform PrepLadder for Rs 374.6 crore
The acquisition will help Unacademy expand its annual revenues by 15 percent, it said.
New Delhi: Edu-tech firm Unacademy on Tuesday said it has acquired PrepLadder, a Chandigarh-based postgraduate medical entrance exam preparation platform, for USD 50 million (about Rs 374.6 crore).
The acquisition will help Unacademy expand its annual revenues by 15 percent, it said.
It will further strengthen the company's presence in medical entrance examination categories such as NEET PG and FMGE, Unacademy co-founder and CEO Gaurav Munjal said.
"Bringing PrepLadder on board will play a strategic role for Unacademy in the medical entrance examinations category. We have been working towards democratising education and this acquisition is a step towards achieving that goal," he added.
The transaction will see the PrepLadder team - comprising 100-150 people - join Unacademy, Munjal said.
As a part of its inorganic growth strategy, Unacademy had recently acquired Kreatryx and taken over the custodianship of CodeChef. The Unacademy group consists of Unacademy, Unacademy Subscription, Wifistudy, Chamomile Tea with Toppers and Let''s Crack it brands.
Started in 2016, PrepLadder specialises in medical examinations and provides access to education services and preparation material for exams such as NEET PG, AIIMS PG, NEET SS, and FMGE.
Founded by Deepanshu Goyal, Vitul Goyal, and Sahil Goyal, the company has expert educators teaching over 85,000 active subscribers.
"Unacademy and PrepLadder are working towards the common goal of making quality education accessible to all. We believe that the synergies between both products will truly create a mark in the industry," Goyal said.
Munjal said Unacademy has recorded a 100 percent increase in its paid subscriber base in the last 3 months and monthly watch time minutes has reached an all-time high of over 1 billion.
Also, the average daily watch time across Unacademy platforms has witnessed a similar growth rate as students log onto digital platforms to continue their studies amid the COVID-19 pandemic, he noted.
Additionally, over 5,25,000 learners attempted various mock tests on the platform for competitive examinations during this period, he said.
Bengaluru-based Unacademy currently has over 10,000 educators, more than 30 million learners, and caters to over 35 exam categories. It is backed by investors like Facebook, General Atlantic, Sequoia India, SAIF Partners, Nexus Venture Partners, Steadview Capital, and Blume Ventures.
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