In its fifth acquisition this year, Edtech Unicorn Unacademy has acquired NeoStencil, a test preparation tool focused on government employment.
Code Chef, K-12 Learning Platform Mastree and PrepLadder, a postgraduate medical entrance exam training platform, were previously acquired by the startup. More recently, in September, Unacademy acquired the Coursavy UPSC test-prep platform.
The acquisition of NeoStencil would further cement the leadership role of Unacademy in the test preparation space, while growing its presence in the cities of Tier II and III, the company said.
At the Unacademy Party, our mission is to democratise education, and while we are firmly committed to that task, we still have a long way to go. Gaurav Munjal, Co-Founder and CEO, Unacademy Group, said: “Search for synergies in the form of great companies and teams that create an impact by making educational products affordable and accessible.”
To make education available, accessible, and affordable across India, NeoStencil was founded in 2014 by Kush Beejal and Love Beejal. It has developed an asset-light and scalable model that uses technology to solve the accessibility problem for students and teachers.
The live-learning platform has helped over 100 coaching institutes go live, and from the comfort of their homes, over 15,000 paying students enter classrooms. NeoStencil has tie-ups with over 100 institutions and provides approximately 11 lakh students with 500 plus courses. During the lockdown time, the ed-tech startup duplicated its relationships with academic institutions.
We aim to ensure that every applicant, regardless of whether they live in a metropolitan area, has access to the best services.
By being part of a greater movement, joining the Unacademy Group helps us to understand this vision. Three years ago, I still remember meeting Gaurav, and his remark that NeoStencil was one of their most honourable competitors meant us a lot. We’re pleased to be on board,’ said Kush Beejal, NeoStencil’s founder and CEO.
Kush Beejal will continue to operate NeoStencil after the purchase, while also seeking synergies on how the two platforms should collaborate.
Created by Munjal, Roman Saini and Hemesh Singh five years ago, Unacademy offers lessons in test preparation for topics ranging from civil service and banking exams to programming languages. It has over 47,000 teachers and users in 5,000 cities teaching more than 14 Indian languages.
It boosted US-based Tiger Global Management and Dragoneer Investment Group funds estimated at $2 billion last month.