Unacademy has acquired Delhi-based online exam preparation platform Kreatryx in a cash and stock deal, the Bengaluru-based edtech company has announced recently.
While the company did not disclose much about the financial deal, it said that post the acquisition, Kreatryx will continue to operate as a separate brand, run by its founder and CEO Ankit Goyal, under Unacademy Brands.
Kreatryx, founded in 2014 by Ankit Goyal and Rohit Nitin Joshi, offers video lectures, test series, postal courses and coaching classes for GATE and SSC aspirants. It bridges the gap between a student’s performance and potential by providing a level playing field of top quality and personalized learning driven by technology. The company claims to have over 50,000 registered aspirants, with over 100K hours content watched and more than 4 million questions attempted.
Issuing a statement on the latest development in a release, Gaurav Munjal, Co-founder and CEO of Unacademy, said:
“At Unacademy, we are consistently working towards building the world’s largest educational platform. As we seek to deepen our footprint across multiple categories, we are always on the lookout for like-minded partners who share the same vision and have made a difference within specific test preparation categories. With its strong presence in the GATE and ESE segment, Kreatryx will play a pivotal role in further building our dominance in the segment and bring us closer to achieving our vision.”
The acquisition of Kreatryx would allow Unacademy to strengthen its position in the GATE and ESE segment in the test prep market.
Founded in 2010 by Gaurav Munjal, Roman Saini, and Hemesh Singh, Unacademy offers educational videos and live interactive classes in multiple languages. It provides a wide range of online lessons and specialized courses helping students crack various competitive examinations, improve their ability to speak, write better and increase their knowledge. It aims to partner with the brightest minds and have courses on every possible topic in multiple languages so the whole world can benefit from these courses. Unacademy claims to have a network of more than 10,000 registered educators and over 13 million learners, with 70% of its users from tier 2 and 3 cities. The company has in 2018 acquired Wifistudy, an online learning platform on YouTube with over 10 million subscribers.
Commenting on becoming part of Unacademy, Ankit Goyal, Co-founder and CEO of Kreatryx, said,
“We are delighted to be a part of Unacademy. We, at Kreatryx, share a common vision with Unacademy, that of leveling the playing field and making quality education accessible to all. We believe that joining our forces will help us create a huge impact in the market, especially when it comes to critical exams like GATE and ESE.”
Unacademy had in February raised $110 million from General Atlantic, Sequoia Capital and Facebook with participation from other existing investors. The company also recently announced to provide free LIVE online classes on its platform to ensure learners’ education is not obstructed amidst the coronavirus crisis.