Unacademy acquires online NEET PG preparation platform PrepLadder in $50 million deal
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Bengaluru-headquartered online learning platform Unacademy has acquired PrepLadder, a postgraduate medical entrance exam preparation platform, for a whopping $50 million deal. Founded in 2016, PrepLadder currently focuses on test preparation for NEET PG and FMGE, but plans to roll out online courses for the entire spectrum of medical workers, from nurses to neurosurgeons, the company said.
It already has over 85,000 medical students using its platform. Preplaadder during current times was emerging as a market leader in online medical entrance preparation for broad speciality postgraduate medical courses. Prepladder's nearest competitor was Marrow which has a large subscription base of medical students engaged with it.
The acquisition will see the entire 250-member team of Chandigarh-based PrepLadder joining the Unacademy Group, including founders Deepanshu Goyal, Vitul Goyal, and Sahil Goyal. Unacademy said that the acquisition of PrepLadder was part of its inorganic growth strategy.
“As we strengthen our position as a market leader in the test prep market, bringing PrepLadder on board will play a strategic role for Unacademy in the medical entrance examinations category. At Unacademy, we have been working towards democratizing education and this acquisition is a step towards achieving that goal. The exponential growth in Unacademy’s subscriber base is a testament to the increasing demand for quality online education and our consistent efforts. I look forward to working with the PrepLadder team as they become a part of the Unacademy Group,” stated Gaurav Munjal, Co-Founder and CEO, Unacademy.
Unacademy, which is valued at $510 million, is among the fastest-growing companies in India’s ed-tech sector. The startup claims it has grown its paid subscriber base to 200,000 users from 100,000 users in the last three months. It added that it has over 5 million monthly users for its live free classes and has conducted over 1.2 lakh live classes in the month of June alone.
Deepanshu Goyal, co-founder and CEO of PrepLadder, said the company would continue to focus on the medical examinations space, but has a larger goal of building an online medical university.
PrepLadder was founded in 2016 by Deepanshu Goyal, Vitul Goyal, and Sahil Goyal with the vision to provide affordable and quality education services and preparation material for students preparing for NEET PG, AIIMS PG, NEET, SSM, and FMGE. The platform has over 85,000 active subscribers.
Co-founder Deepanshu says,
"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.”
Founded in 2015 by Gaurav, Roman Saini, and Hamesh Singh, Unacademy is backed by marquee investors including Facebook, General Atlantic, Sequoia India, SAIF Partners, Nexus Venture Partners, Steadview Capital, and Blume Ventures.
According to Unacademy, the edtech startup has recorded a 100 percent increase in its paid subscriber base, and a 100 percent increase in the average daily watch time across its platform. Currently, Unacademy has more than 30 million learners in its platform, with more than 10,000 educators catering to over 35 exam categories.
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