Unacademy scoops up test prep platform NeoStencil in sixth acquisition of the year
Edtech unicorn Unacademy has acquired Gurugram-based test prep platform NeoStencil for an undisclosed sum. The acquisition will help it grow its presence in small towns.
Edtech unicornhas announced its sixth acquisition of 2020.
After Kreatryx, CodeChef, PrepLadder, Mastree, and Coursavy, Unacademy has now acquired NeoStencil, a test prep platform focused on government jobs, for an undisclosed amount. The announcement was made by Gaurav Munjal on Twitter.
NeoStencil offers over 500 courses to help students crack government entrance exams. This acquisition will further consolidate Unacademy's leadership position in the test prep space, and also increase its presence in Tier-II and III towns.
Munjal said in a tweet,
"Our mission at Unacademy is to democratise knowledge and while we have set out firmly towards that goal, we have a long way to go. We believe together we can create a huge impact and build products that help our Learners crack their goals."
Gurugram-based NeoStencil was founded in 2014 by Kush Beejal and Love Beejal to make education affordable and accessible for all.
The live learning platform has partnered with over 100 institutions, served 1.1 million students, and helped several coaching centres go digital during the pandemic. In an earlier interaction with YourStory, NeoStencil had said that it has about 150,000 active users on the platform, and paid users make up 10 percent of it.
Following the Unacademy acquisition, Kush stated,
"Our resolve is to ensure that every aspirant has access to the best resources regardless of whether they live in a metropolitan city. Joining the Unacademy Group enables us to realise this vision by being a part of a larger movement."
Munjal, meanwhile, added, "I have known Kush and Love for the past three years and have been fortunate to see their journey from the sidelines. It’s great to have them as a part of the Unacademy Group."
Unacademy's acquisition spree mirrors this year's broader industry trend. 2020 saw more mergers and acquisitions in edtech than ever before with unicorns like BYJU’S and Unacademy scooping up younger startups at will.
Edited by Saheli Sen Gupta