Softbank-backed edtech unicorn Unacademy has acquired Gurugram-based Gate Academy for an undisclosed amount, in order to expand its presence in the GATE test preparation segment. Without disclosing any details, the company said that as part of the acquisition, the entire team of Gate Academy will join the edtech unicorn. The acquisition was announced at the launch of the company’s ‘Unacademy One’ platform in Bengaluru on September 5.
As per the report by The Economic Times, the edtech unicorn has also launched 50 new Youtube channels to foray into newer learning spaces such as direct and indirect taxes and for expanding the existing categories. Some of the newly launched channels include QBank for Joint Entrance Examination (JEE) preparation, Life after IIT, National Eligibility cum Entrance Test (NEET) preparation channels NEET ki Neev, and IAS icons for the preparation of Indian Administrative Services (IAS). The channels will also have classes for the preparation for other competitive examinations such as a bank, staff selection, and defence.
Vivek Sinha, Chief Operating Officer, Unacademy, “With the announcement of launching 50 unique channels, we are strengthening our commitment towards democratizing education and presenting a strong content strategy for learners who are seeking knowledge in unique and exciting ways.”
The company is also planning to launch Unacademy Compete soon, where the learners can compete with each other. The development comes at a time when Indian startups are facing mass layoffs and pay cuts amidst a funding crunch. Owing to the funding winter, Unacademy has fired more than 1,000 employees while resorting to cost-cutting measures. Last week, Karan Shroff, who worked as the chief marketing officer of edtech firm resigned from the company.