The ed-tech sector in India which has been going through a tough time, with venture capital firms tightening their purse strings, has posted a massive decline of 53% in investment to $877.5 million between January 2023 – till date, data from market research firm, Tracxn shows. When compared the sector recorded a funding infusion of $1.9 billion during the same period, in the corresponding period. The total number of rounds declined to 30 this year, from 133 last year. What is to be noted is that funding has been steadily declining from 2021 which saw the industry recording total investment of $4.1 billion on the back 343 rounds in CY2021 (January-December) to $2.5 billion on the back of 207 rounds in CY2022.
Bengaluru based Byju’s, which is currently in the news for not submitting provident fund money into EPFO accounts of its employees, in series G funding it has secured a total funding of $5.78 billion. On May 12, 2023, Byju’s received its latest funding of $250 million. The ed-tech giant has secured substantial investments from prominent firms such as Davidson Kempner Capital Management, Kempner Capital Management, and the Qatar Investment Authority. As of May 12, 2023, Byju’s is valued at $8.3 billion, according to the data provided by Tracxn. Unacademy, is next in line ion among the top-five funded startups. In its series H funding round, Unacademy received a substantial funding of $8.77 billion from prominent investors, including Temasek, General Atlantic, and SoftBank Vision Fund. On August 2, 2021, Unacademy obtained its latest funding of $440 million. As of March 11, 2022, the valuation of Unacademy stands at $3.4 billion.
Next in line is Eruditus, which is headquartered in Mumbai, has secured a total funding of $814 million in its series E funding round from prominent investors, including CPP Investments, Accel and SoftBank Vision Fund. On Mar 08, 2022, Eruditus obtained its latest funding of $350 million. As of May 29, 2023, the valuation of Eruditus stands at $2.9 billion. Furthermore, upGrad secured a total funding of $600 million in its series B funding round from investors, including Temasek, Lupa Systems and ETS. On Mar 29, 2023, upGrad obtained its latest funding of $9.8 million. As of Nov 10, 2022, the valuation of upGrad stands at $2.2 billion. Vedantu has successfully secured $328 million in its series E funding round. The funding was contributed by various investors, such as Catamaran, Accel, and Kaizenvest. On December 2, 2022, Vedantu secured its most recent funding of $19 million. As of January 31, 2023, Vedantu’s valuation has reached $1 billion.