Unacademy Acquires Test Prer Platform NeoStencil; its Fifth Acquisition of the Year
Edtech giant Unacademy has completed its fifth strategic acquisition of the year in form of NeoStencil, a test preparation platform. Betting on inorganic growth Unacademy had earlier acquired Code Chef, K-12 learning platform Mastree and PrepLadder, a postgraduate medical entrance exam preparation platform along with UPSC test prep platform Coursavy. With NeoStencil coming on board, Unacademy intends to expand its reach across smaller Tier 2 and Tier 3 cities.
“Our mission at Unacademy Group is to democratise knowledge and while we have set out firmly towards that goal, we still have a long way to go.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. It is great to have NeoStencil as a part of the Unacademy Group,” said Gaurav Munjal, Co-Founder and CEO, Unacademy Group.
Founded in 2014, NeoStencilaims at making test prep for competitive examinations easier for students by connecting teachers and students digitally. Founded by a team including AIIMS, IIT, IIM AlumniKushBeejal and Love Beejal, the firm has tied up with over 100 institutions and offers 500 plus courses to more than 1,100,000 students. The live-learning platform has helped over 100 coaching institutes go live, and over 15,000 paid students enter classrooms from their homes.
“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 UnacademyGroup enables us to realise this vision by being a part of a larger movement. I still remember meeting Gaurav three years back, and his remark that NeoStencil is one of their most honourable competitors meant a lot us. We’re delighted to come onboard," said Kush Beejal, Founder and CEO, NeoStencil.
Post the acquisition NeoStencil will continue to function the leadership of Kush Beejal while also finding synergies on how the two edtech platforms can work together.
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