Unacademy's Graphy Acquires Edtech Startup Spayee For $25 Mn
Unacademy has acquired over 10 startups in the past two years including that of Rheo TV in July this year. It had earlier acquired PrepLadder, Mastree, CodeChef, Kreatryx, among others, according to a report
Graphy, an Unacademy Group company, has acquired edtech platform Spayee for $25 million in a bid to consolidate its position in the creator ecosystem, according to a report.
It also aims to increase its reach and optimize its product offerings through the acquisition.
Post the acquisition, it will continue to operate independently. Founded in 2014 by Sandeep Singh, Gourav Kakkar, Aniruddha Singh, and Vijay Singh, Spayee was pivoted into its current form in 2018, the report said.
Spayee, which is a SaaS platform, allows people to create, market, and sell their courses online. It allows content creators to produce customized courses in the form of audio and video tutorials, PDF documents, quizzes, assignments, and live classes along with supporting creators to create and build their own website and mobile apps on Android and iOS.
Currently over 2,000 creators and businesses have launched their platforms using Spayee, the company claimed, it said.
Graphy was created as a platform for educational content creators to grow their audience, monetize their skills, and host live cohort-based courses. It recently launched multiple initiatives such as the Creator Grant and Graphy Select Accelerator program to boost the creator economy and help creators monetize their skills and launch their online school.
The development comes two months after Bengaluru-based Unacademy raised $440 million in its Series H round led by Singapore-based Temasek at a valuation of $3.44 billion, it shared.
“The startup will utilize the fresh capital infusion to build and scale its three core products — Unacademy, Relevel, and Graphy,” said Gaurav Munjal, co-founder, and chief executive officer, Unacademy Group.
Founded in 2015 by Munjal, Hemesh Singh, and Roman Saini, at its current valuation, Unacademy is only behind Byju Raveendran-led BYJU’S in the Indian edtech space. The startup in FY20 recorded INR 86 crore revenue with significant expenses of INR 386.7 crore resulting in a total loss of INR 300 crore. However, the startup said that its valuation has increased by tenfold in the past 18 months, it further shared.
The edtech giant recently made a fresh infusion of $20 million in its group company Relevel. The investment came almost four months after Unacademy launched Relevel, a platform that helps job seekers to find jobs after taking tests within 15 days.
Unacademy has acquired over 10 startups in the past two years including that of Rheo TV in July this year. It had earlier acquired PrepLadder, Mastree, CodeChef, Kreatryx, among others.
In February, it announced the acquisition of Bengaluru-based professional networking and recruitment platform TapChief to launch Unacademy Pro, a vertical for higher education, career guidance, and placements.