Unacademy, which is Bangalore based education tech startup, has now acquired the Jaipur based online exam preparation startup, WifiStudy, in a mix of stock and cash deal, the Unacademy CEO, Gaurav Munjal revealed in a report.
The deal has been closed at Rs 73 crore, as per the reports.
After the deal closes, Wifistudy will be going to continue to operate independently under the board of director of Dinesh Godara, who will now be going to serve as a CEO of Wifistudy.
This news comes after Unacademy secured Rs 144 crore in the funding round of series C from the SAIF partners, Nexus Venture Partners, Sequoia India and Blume Ventures in the July 2018.
Wifistudy is an online education and career portal which is founded by the Dinesh Godara in the year 2013. It helps the job seekers to prepare for exams across the different sectors like the banking, railways, SSC and some of the others.
Interestingly, Unacademy itself was started as a channel on Youtube in 2010 by Gaurav Munjal and then later in 2015, Roman Saini and Hemesh Singh joined Gaurav Munjal to found the startup under parent firm – Sorting Hat Technologies Pvt Ltd.
The startup claims to have more than 4.5 Million subscribers and 70 Million monthly video views, WifitStudy is one of the largest educational Youtube channel in the world.
Gaurav Munjal, chief executive of Unacademy, said in a media statement, “With over 4.5 million subscribers and 70 million monthly video views, Wifistudy is one of the largest educational YouTube channels in the world. This acquisition will help us go deeper into the test prep market.”