EdTech industry has shown promising growth in the last year. Three edtech startups- Byju’s, Unacademy, and Vedantu is ruling the Indian EdTech ecosystem. They have either acquired the main competitors or the other startups are too small to compete. After Toppr’s acquisition by Byju’s, Unacademy has acquired TapChief that is a Bengaluru-based startup.
Unacademy wants to extend its operations in the field of higher education with the help of TapChief. It will also help Unacademy to establish itself in career guidance and placement area.
Current Acquisition and CEO Munjal Statement
With the latest development, all existing investors of TapChief will exist. Unacademy will pay a total of Rs 100 crore to claim the full stake of TapChief.
In a series of tweets, Unacademy CEO Gaurav Munjal said that colleges are not preparing students for jobs. The ability that students get from the colleges has little to do with placements. Another major issue is that students are mainly dependant on the colleges’ capability to call companies for placements.
What if you don’t get a chance to go to a good college due to your entrance exam ranking? In such a scenario, even if you work hard, there is a high chance that you will not get a satisfactory job, because your college was unable to call good companies. So, there are two major problems with colleges. First, they don’t make students ready for the job. Second, students are heavily dependent on colleges for placement.
He also talked about the quality of education. He said most of the computer science students can’t write a for loop program due to the low standards of the colleges. He considers 5% of the colleges up to the mark.
We are wasting a lot of money and time on the below-par education. Students don’t get an interview chance due to the low standard education system. Unacademy is committed to change the education system. It provided low-cost education to those who could not afford Kota coaching.
Why Unacademy Acquired TapChief?
Unacademy CEO Munjal further adds that now, with the help of the TapChief platform, the company wants to change the job market for the students. We want to provide access to the dream companies that students want. This is the main reason why we are acquiring TapChief.
With the help of TapChief, Unacademy wants to start a pro version named Unacademy Pro. This new platform will help the applicants to get the right job with pro-level expertise.
We as a team have the capability to change the higher education system. By changing the higher education system doesn’t mean we want to sell degrees. We are focused on changing the outcome.
TapChief has around 150,000 registered solopreneurs who collaborate with other experts and companies to get short-term projects. Shashank Murali founded TapChief in 2016. This platform shortlists talented applicants to provide projects and jobs from known companies. It works in various fields like sales, marketing, finance, technology, and others.
Munjal praised the TapChief team for their extraordinary journey. He said that TapChief and the team under the leadership of Murli have achieved a lot in a limited span of time.
TapChief has known investors like Paytm and Blume ventures. The company also got support from Cred founder Kunal Shah.
TapChief CEO and cofounder Murali said:
“TapChief’s mission has been to empower the modern Indian professional with access to a wide array of opportunities that enhances their career and growth. Starting from college as undergraduate students to becoming a part of one of India’s best-known Unicorns has been a dream come true for a young team like ours. We are excited to learn from the Unacademy team and carry forward our mission at a greater scale and fervor as part of the Unacademy Group,”
Founded in 2015, Unacademy has around 49000 educators and 40 million students across 5000 major cities of India. It provides online education in 14 local languages. The company has a valuation of $2 Billion. It has already acquired more than 6 major companies to strengthen the portfolio. In 2021, it may add 2-3 more companies to its bucket.
Graphy, PrepLadder, Mastree, Kreatryx, Coursavy, CodeChef, and NeoStencil are the name of acquired companies by Unacademy. The company plans to start its IPO in the next 5 years.