Latest News | Unacademy Picks Up 51% Stake in Mastree for USD 5 Mn
Get latest articles and stories on Latest News at LatestLY. Edutech platform Unacademy on Tuesday said it has picked up 51 per cent stake in K-12 learning platform Mastree for USD 5 million (about Rs 38.4 crore).
New Delhi, Jul 14 (PTI) Edutech platform Unacademy on Tuesday said it has picked up 51 per cent stake in K-12 learning platform Mastree for USD 5 million (about Rs 38.4 crore).
Earlier this month, Unacademy had announced the acquisition of Chandigarh-based postgraduate medical entrance exam preparation platform PrepLadder for USD 50 million (about Rs 374.6 crore).
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"This (acquisition of majority stake in Mastree) will further strengthen Unacademy's presence in the K-12 learning space. In addition to the investment, Unacademy has provided Blume Ventures an exit," a statement said.
With this investment, Mastree will join the Unacademy Group, which consists of Wifistudy, Kreatryx, PrepLadder and CodeChef.
Founded by Shrey Goyal and Royal Jain in October 2019, Mastree is building a one-stop subscription product for STEAM (Science, Technology, Engineering, Arts and Mathematics) courses for classes 5-8. This will include live classes as well as features like doubt solving, personalised practice and live quizzes.
"During our first meeting, Shrey and Royal showed us the product they were building. We were very excited about it, and hence we decided to partner together. Unacademy and Mastree have a shared vision, and together we want to create an impact and make quality education accessible and affordable," Gaurav Munjal, co-founder and CEO of Unacademy, said.
Mastree is building a highly impactful subscription product, and it will change the way students learn, he added.
"Mastree's mission is to help students achieve academic excellence by igniting their curiosity and providing them with personalised and affordable education. We are excited to be a part of the Unacademy Group and have the Unacademy team as a partner and mentor in this journey," Shrey Goyal, co-Founder and CEO of Mastree, said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)