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Unacademy Expands its ESOP Pool for second time this year

Image Source: Blog.unacademy.com

While national lockdown has virtually eroded the businesses of all the startups, edtech startups are proving to be an exception during these tough times. They are witnessing a huge surge in their online traction as lockdown has literally shut down all educational institutes and has propelled students towards online education platforms.

Facebook backed Unacademy has been at the forefront of taking advantage of this lockdown period. Last month, the company saw 165 Mn video views on its Youtube channel, highest ever views for a single month during its five year old journey. It also reported a 82% growth in revenue from last month, 10X higher on year-on-year basis.

Unacademy’s CEO Gaurav Munjal shared this information on his official Twitter account. Screened below is the screenshot of this tweet.

To reward this good showing, Unacademy has decided to expand its existing employee stock option pool. According to report published on Entrackr, the company has passed a resolution to increase its existing pool to 53,044 options.

This is second time that the Bengaluru headquartered company has expanded its ESOP pool this year. The first increase was made in January this year, this was preceded by ESOP pool expansion decision taken by the company in June last year.

Earlier this year, the company raised $110 Mn in series E round led by Facebook and General Atlantic at a valuation of nearly $510 Mn. With this round, the Bengaluru based company became one of the few Indian startups to have Facebook as its investor.

Although this year is proving to be momentous for Unacademy, the company also recently suffered a huge setback after admitting that data of millions of its customers have been compromised. The company’s system was hacked by hackers reportedly in January this year. However, the company maintains that data stolen by the hackers contained only basic and not critical information.

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