Education technology platform Unacademy has acquired Delhi-based online exam preparation startup Kreatryx.
Post the acquisition, Kreatryx, whose platform offers services for exams such as GATE and ESE, will continue to operate as a separate brand under the Unacademy Brands umbrella, Unacademy said in a statement.
The financial details of the deal couldn't be ascertained immediately.
As part of the deal, Kreatryx founder and CEO Ankit Goyal will also join Unacademy Brands, which is headed by Dinesh Godara, the founder of the Wifistudy that was acquired by Unacademy in 2018.
“With its strong presence in the GATE and ESE segment, Kreatryx will play a pivotal role in further building our dominance in the segment,” Gaurav Munjal, co-founder and CEO at Unacademy, said.
Separately, Goyal said the acquisition would also help the two companies to create a bigger impact in the larger ed-tech sector.
VCCircle has reached out to Unacademy on the financial specifics of the acquisition and will update this report accordingly.
Unacademy buying Kreatryx comes a month after the ed-tech firm raised $110 million (Rs 787 crore) from social network Facebook Inc., US-based private equity firm General Atlantic and other investors including Sequoia Capital India, Nexus Venture Partners, Steadview Capital and Blume Ventures.
Bengaluru-based Unacademy, operated by Sorting Hat Technologies Pvt. Ltd, was founded in 2015 by Munjal, Sachin Gupta, Hemesh Kumar Singh and Roman Saini. It helps educators create lessons on the Educator App, which learners access via the Learning App. The firm says it has more than 10,000 educators and 13 million learners.
Prior to its fundraise in February, the firm secured $50 million (around Rs 346 crore) in June last year as part of its Series D round from Steadview Capital, Sequoia Capital India, Nexus Venture Partners, Blume Ventures and others.
In 2018, early-stage venture capital WaterBridge Ventures, which had invested $1 million in Unacademy in 2016, exited with a return of five times on its investment.
The exit was made possible by the $21 million (Rs 144 crore) investment from existing investors Sequoia Capital, Nexus Venture Partners, and SAIF Partners as part of Series C round of funding. Blume had also contributed to the funding round.
