The acquisition will strengthen Facebook-backed Unacademy’s presence in the medical entrance examination categories such as NEET PG and FMGE, the company said.
Unacademy on Tuesday announced the acquisition of postgraduate medical entrance exam preparation platform PrepLadder in a $50-million deal. The acquisition will strengthen Facebook-backed Unacademy’s presence in the medical entrance examination categories such as NEET PG and FMGE, the company said.
The transaction comes at a time when ed-tech firms are witnessing a surge in users due to the pandemic-fuelled adoption of digital learning and virtual classrooms. Unacademy claims to have recorded a 100% increase in its paid subscriber base in the past three months.
The company said the average daily watch time across its platforms has seen an increase of 100% while the monthly watch time minutes has also touched an all-time high of more than one billion. During the period, over 525,000 learners attempted various mock tests for competitive exams on the platform.
Earlier this year, the Bengaluru-based firm raised $110 million in funding from Facebook, General Atlantic and others. As part of its inorganic growth strategy, the company had recently acquired Kreatryx and CodeChef.
“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,” said co-founder & CEO Gaurav Munjal.
Started as a YouTube channel in 2010, the company today has more than 10,000 registers educators and over 30 million learners.