In this blog we will talk about Unacademy. Unacademy was started on 31st December 2010 and today Unacademy has become a big company in education startup of India. Gaurav Munjal is the founder of Unacademy and Gaurav Munjal felt that there was a shortage of online teachers, that is why he started Unacademy, people had to go to big cities like Kota Delhi Mumbai to study.
Gaurav Munjal posted his first video on YouTube on 31st December 2010 with the purpose of teaching online and Gaurav Munjal kept posting his videos on his unacademy channel and he was not earning a single rupee from there and simultaneously he started his career. Completed college.
After that he launched a startup called Flat Chat and at that time he also used to put videos on Unacademy YouTube channel. Later on, Flatchat was acquired by Commonfloor and Gaurav Munjal decided that he would work at Unacademy.
Gaurav Munjal contacted his friend Roman Saini and told him that you are an IAS now but if we work on this startup then we can make it a billion dollar company.
Gaurav Munjal and Roman Saini saw that there is a demand for education startups in the market right now and they added their more friends and made videos on Unacademy YouTube channel. And the academy grew.
And then he thought of doing a funding race and he got funding of Rs 3.50 crores within the seed round itself.
Problem solved by unacademy
What problem was Unacademy solving? The problem that Unacademy was solving at that time was not being solved by anyone else in the market at that time. So Unacademy saw that students have to go to big cities for the preparation of competitive exams, due to which quota Delhi and a lot of money has to be paid, so to solve this problem Unacademy started its startup.
But the students who want to click IIT or want to prepare for any competitive exam sitting at their home and or students from any village want to study for IIT or competitive exam and they don't have enough money to go to other city and study. If possible, Unacademy worked on this problem and made all the competitive exam preparation online.
He gathered all the teachers from all over the country and told them that there is no need for you to come here with us to Bangalore, we will give you step by step at your home and you will teach the children from your own home.
What innovation did Unacademy do innovation in Unacademy that if a student wants to study in a different language, then there may be a tiffin language in big universities and big colleges, it happens that teachers teach in English only but if a child has If you want to study in Hindi or any other language, then that option is not for those children. You can read in Hindi also you can study in English also you can read in Punjabi and you can read in Marathi also Unacademy brought the concept of multiple language.
If a child does not understand what is taught by one teacher, then he may fall for another teacher. And then Unacademy came up with its subscription model, if a child cannot pay his entire year's fee together, then there he can pay his monthly fee from 2000 to 3000 ₹ 4000.
They got the advantage from this that their cash flow was good every month and more and more students joined them every month. And as there was a lockdown in India, their platform Unacademy started growing rapidly from 13 million users to 40 million users.
And then they launched Unacademy Plus, in which it brought a lot of features like you can attend live classes and you can attend anything live and you can also attend many live sessions.
So today their valuation is more than two billion-dollar and they have been approached in short bank to get funding. And in today's date, the short bank has invested $ 150 billion inside Unacademy.
So when he did his funding deal with short time, he had tracked it in 45 days but if we talk about his first funding, then his condition in racing for that funding had deteriorated.
Learning from unacademy
Be consistent
Nothing happens in 1 month nothing happens even in 6 months and nothing happens in 1 year too Unacademy took 5 years to do their first funding race and after 2016 they started earning their money.
Be confident
You should have faith in your business model and you should hire a good team to grow a good company and if you are not consistent for your startup then the investor also does not show any interest.
Find a mentor
In many interviews of Gaurav Munjal, Gaurav Munjal had said that the secret of his success is his mentor. He had made Kunal Shah as his mentor. When he was in his third year of college, he had seen an interview of Kunal Shah. And after that he started following Kunal Shah on Twitter and he used to follow Kunal Shah from different social media accounts and in today's date Kunal Shah mentors him directly.