Unacademy in talks to take over Swiflearn

The year 2021 was marked by fundraising and consolidation for edtech startups. The ecosystem has seen over a dozen acquisitions this year and it seems the trend will continue.

After acquiring four companies this year, Unacademy is in talks to acquire another. The company is in talks to acquire Gurugram-based Swiflearn, say two sources who are aware of the details of the potential transaction.

“Unacademy is in late-stage talks to acquire $ 15-20 million worth of Swiflearn,” said one of the sources on condition of anonymity.

According to sources, the deal will be a mix of cash and stocks.

Founded by Abhinav Agarwal and Anand Bakode, Swiflearn is a full-stack online academic course platform that offers students a personalized learning experience. It currently focuses on the K-10 segment and offers free and subscription-based courses.

“Both founders will join the Unacademy along with team members,” said the second source, who also requested anonymity. Trickypedia was unable to verify the exact number of Swiflearn team members who will join the Bengaluru-based company.

Of course, the deal can come about or its terms change.

Requests to Swiflearn did not spark an immediate response, while Unacademy co-founder and CEO Gaurav Munjal refused to comment on the story.

According to Swiflearn’s website, there are more than 100 team members, over 900 teachers, and 1.24-lakh students on the platform. As for the company’s financial health, it had an operating income of Rs 62,000 for its first year of operation (FY20). During the reporting period she recorded a total expenditure of Rs. 61 lakh and suffered a loss of Rs. 52.79. Lakh.

This is the eleventh acquisition for Unacademy since its inception. SoftBank-supported company acquired Handa Ka Funda, TapChief, NeoStencil, PrepLadder, Mastree, CodeChef, Coursavy, Kreatryx, Wifistudy and Rheo TV.

Most recently, Graphy, a Unacademy Group company, acquired the Edtech platform Spayee for $ 25 million.

Swiflearn had raised four months ago $ 3 million in the Pre-Series A round, led by Stellaris Venture Partners, Venture Highway and well-known angels such as Varun Alagh, Ramakant Sharma and Alok Mittal. The startup has raised over $ 4 million since its inception in 2019.

In terms of acquisitions in recent years, Unacademy is on par with Byju’s, which has taken over 11 startups since January 2020. Meanwhile, some acquisitions did not go according to Unacademy‚Äôs plan. The Munjal-run company had switch off Mastree one year after the acquisition of the learning platform K12 and its acquisition talks also with Adda247 fall through because of unknown reasons.

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