Unacademy takes over ed-tech startup Kreatryx
Unacademy, an education technology platform backed by Facebook, has taken over Delhi based online exam preparation startup Kreatryx. It offers services for exams such as GATE and ESE.
After the acquisition, Kreatryx will continue to operate as a separate brand under the Unacademy Brands umbrella, Unacademy said in a statement.
The financial details of the deal couldn't be ascertained immediately.
As part of the deal, Kreatryx founder and CEO Ankit Goyal will also join Unacademy Brands, which is headed by Dinesh Godara, the founder of the Wifistudy that was acquired by Unacademy in 2018.
“With its strong presence in the GATE and ESE segment, Kreatryx will play a pivotal role in further building our dominance in the segment,” Gaurav Munjal, co-founder and CEO at Unacademy, said.
Separately, Goyal said the acquisition would also help the two companies to create a bigger impact in the larger ed-tech sector.
The takeover comes after Kreatryx raised a fund of $110 million (Rs 787 crore) from social network Facebook Inc., US-based private equity firm General Atlantic and other investors including Sequoia Capital India, Nexus Venture Partners, Steadview Capital and Blume Ventures.
Prior to its fundraise in February, the firm secured $50 million (around Rs 346 crore) in June last year as part of its Series D round from Steadview Capital, Sequoia Capital India, Nexus Venture Partners, Blume Ventures and others.