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Unacademy makes its fifth acquisition of 2020 in NeoStencil

Read more at economictimes.indiatimes.com

Bengaluru: SoftBank-backed edtech startup Unacademy has acquired test preparation platform NeoStencil for an undisclosed sum, in a bid to grow its footprint into Tier II and Tier III cities.

Founded in 2014 by Kush Beejal and Love Beejal, NeoStencil offers over 500 courses to crack government entrance exams. It offers both live and pre-recorded online classes and study material from top coaching institutes in the country.

“We’re always looking for synergies in the form of great companies and teams which are creating an impact by making educational products affordable and accessible,” said Gaurav Munjal, co-founder and CEO of Unacademy Group.

NeoStencil said it has partnered with over 100 institutes and has over 1.1 million students on its platform. Its live learning platform, which saw growth due to the Covid-19 pandemic, is said to have over 15,000 paid students.

“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,” NeoStencil CEO Kush Beejal said.

NeoStencil is the sixth acquisition by Unacademy, five of which were done this year. The edtech startup is well-capitalised after Japan’s SoftBank led a $150 million round that bumped up its valuation to $1.45 billion.

Read more at economictimes.indiatimes.com

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