Unacademy will pick up a majority stake in TapChief in a deal valued at Rs 100 crore, providing an exit to existing investors. TapChief had raised about $2.2 million from investors such as Blume Ventures, Paytm, 500 Startups and angel investors such as Cred founder Kunal Shah, Udhyam founder Mekin Maheshwari, and Slideshare founder Amit Ranjan.
This acquisition will enable the edtech startup to build Unacademy Pro, a vertical for higher education, career guidance and placements, Unacademy Group co-founder Gaurav Munjal said on Twitter.
A platform which helps you become a Pro and get your dream job.
— Gaurav Munjal (@gauravmunjal) 1613464935000
“We think that we have a chance to disrupt the entire higher education system. It starts by creating outcomes,” Munjal said.
And now it’s time for us to help students get their dream jobs by getting them the best education and access to top… https://t.co/vYnwPwAsEi
— Gaurav Munjal (@gauravmunjal) 1613464933000
Founded in 2016 by Shashank Murali, Binay Krishna, and Arjun Krishna, TapChief provides a suite of solutions to help professionals interact with and learn from experts, work with businesses across the world, and build their personal brand online.
It claims to have more than 1.5 lakh professionals on its platform, who have completed over 50,000 gigs for customers ranging from Fortune 500 Companies to startups and small businesses in India. The Bengaluru-based startup says that it has more than 150 enterprise customers across various sectors such as education, FMCG, e-commerce, enterprise SaaS, upskilling, among others.
“TapChief’s mission has been to empower the modern Indian professional with access to a wide array of opportunities that enhances their career and growth. We are excited to learn from the Unacademy team and carry forward our mission at a greater scale as part of the Unacademy Group,” said TapChief chief executive Shashank Murali.
TapChief is the seventh acquisition by Unacademy in recent times. Last year the company bought test preparation platforms Prepladder, NeoStencil, Coursavy, Kreatryx and CodeChef, and K12 learning platform Mastree.
In November, Tiger Global and Dragoneer invested an undisclosed amount into the Unacademy Group at a valuation of $2 billion. That came two months after the SoftBank Vision Fund led a $150 million funding round in the Bengaluru-based company at a valuation of $1.45 billion. Last month, Unacademy also concluded a secondary transaction round that saw Tiger Global, Dragoneer Investment Group, Steadview Capital and General Atlantic buy shares worth $50 million from existing investors to increase their stake.
“Our endeavour at Unacademy has always been to democratise education and make learning accessible and affordable for everyone. TapChief shares a similar ethos in a different space, as evident from the open community of professionals and learners they’ve created.” said Unacademy Group co-founder Gaurav Munjal.
Meanwhile, Unacademy rival Byju’s is on the verge of acquiring rival Toppr in a deal that could value the latter at as much as $150 million, Entrackr reported on Monday. News of the potential acquisition comes at a time when Byju’s has reportedly signed a deal to buy Blackstone-backed offline test preparation company Aakash Educational Services for as much as $1 billion.