Unacademy buys networking site TapChief; company to be valued at Rs 100 crore

By: |
February 17, 2021 4:30 AM

TapChief caters to more than 150 enterprise customers across sectors, and professionals on the platform have completed over 50,000 gigs for Fortune 500 companies, unicorns, venture-backed start-ups and SMBs in India, Unacademy said in a statement.

Rival Byju’s is in advanced discussions to acquire Toppr while it is also reportedly negotiating a $1-billion deal to acquire Aakash Educational Services.

Unacademy on Tuesday announced the acquisition of professional networking platform TapChief. Though the company did not disclose the value of the transaction, after the deal, TapChief’s valuation would be Rs 100 crore.

Founded in 2016 by BITS Pilani alumni Shashank Murali, Binay Krishna and Arjun Krishna, TapChief enables professionals to learn, network and win short-term projects. As part of the deal, the Bengaluru-based company will acquire a majority stake in TapChief, enabling the exit of all existing investors.

“Unacademy started by levelling the playing field for students who cannot travel to Kota, Delhi and other cities, by getting them access to these educators and highest quality content for a fraction of the cost. And now it is time for us to help students get their dream jobs by getting them the best education and access to top companies which they are not getting. This is the reason we are acquiring TapChief,” Gaurav Munjal, co-founder & CEO of Unacademy Group, said on Twitter.

Munjal said colleges are not preparing students to be great at their jobs that they wish to pursue after completing graduation or post-graduation. Also, the ability of a student has little to do with placements. Rather, the onus lies heavily on the ability of institutions to get companies for placements. “We have lakhs of students, spending a lot of money to get not-so-good education and not even a chance for an interview with the top companies,” said Munjal.

TapChief caters to more than 150 enterprise customers across sectors, and professionals on the platform have completed over 50,000 gigs for Fortune 500 companies, unicorns, venture-backed start-ups and SMBs in India, Unacademy said in a statement.

Big ed-tech companies that have cornered bulk of the investments made in the space are inking acquisition deals to add to their businesses.

After raising over $300 million from investors last year alone, Unacademy acquired a clutch of companies, including test preparation platforms PrepLadder and Coursavy, in the recent past.

Rival Byju’s is in advanced discussions to acquire Toppr while it is also reportedly negotiating a $1-billion deal to acquire Aakash Educational Services.

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