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Unacademy announced on Monday that its group company Graphy has acquired an upcoming edtech startup Spayee for around $25 Mn. Both companies have refused to comment whether there was a stock swap or this was a complete cash transaction. This is the first acquisition that Unacademy has made for its Graphy platform and is likely to help the latter in strengthening its position in the creator ecosystem.
Post-acquisition, Spayee will continue to operate as an independent company and will likewise contribute to Graphy’s growth. Graphy was created for totally different purpose all together. However, it was later pivoted to build education creator ecosystem. As things stand today, Graphy help users to launch their online and host their live cohort based courses.
Founded in 2014, Spayee has been doing for seven years what Graphy has only started doing now. Since 2014, the former has been helping people to create their own online courses and sell online.
While I was filing this story, Gaurav Munjal made an interesting claim in its twitter timeline. The Unacademy founder and CEO said that Graphy’s creators have already made 20 crores a month.
Off late, Unacademy has been on an acquisition spree. In July, the Softbank backed startup had acquired live game streaming platform Rheo TV. Along with Byju’s, Unacademy has been aggressively chasing inorganic growth in the edtech space. The company has been flush with funds to carry out this aggressive acquisition drive. Barely two months back, it closed a series H round of $440 Mn at a valuation of $3.44 Bn.
