Edtech giant Unacademy increases the size of the ESOP Pool to $393 million
- ByStartupStory | July 9, 2022
Unacademy has increased the amount of its ESOP pool by 19.8%. The ed-tech giant boosted the ESOP pool size from the previous 238.7 mn options to 286 mn options, according to its regulatory filing. Those familiar with the situation report that each choice is presently INR 109. This indicates that the larger ESOP pool would be about $393 million.
The change occurs roughly three months after the ed-tech behemoth increased the size of its ESOP pool from 99K options to 238 Mn options. Recently, Unacademy let go of almost 1,000 workers. Recently, the Gaurav Munjal-led business entered the offline coaching centre market, beginning in Kota, and is now engaged in competition with Allen Career Institute.
According to Munjal, the Unacademy Group firm Relevel, which was founded last year and provides a platform for employment and upskilling, has reached $12 Mn in annual recurring revenue (ARR).
Cohesive, a platform that provides a software development environment for product teams to test release code, was recently introduced by the firm as another new offering. While it reported revenues of Rs 397.6 Cr in FY21, its loss skyrocketed by 494% to Rs 1,537 Cr. Spending for the startup was Rs 2,029.9 Cr.
Also Read – Foodtech startup iD Fresh Food awards 27 employees with ESOPs worth Rs 46 crore
About Unacademy :
The Bengaluru-based firm, which was established in 2015 by Gaurav Munjal, Hemesh Singh, and Roman Saini, states that it currently has more than 50,000 registered educators and more than 62 million learners. The start-up offers lessons in 14 languages in 5,000 locations for admission examinations for engineering, medicine, and other fields. According to its website, Unacademy has over 14K educators and offers courses for more than 60 tests. It states that it holds more than 1.5K live courses every day.
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