Update: Unacademy has acquired WiFiStudy in a cash and stock deal. Unacademy co founder and CEO Gaurav Munjal confirmed the development via Twitter.
The deal is expected around $10 million, mostly stock. According to Munjal, the talks has been going on for months, however, WiFi Study had denied such reports by Entrackr in August.
Earlier Report: Sequoia Capital-backed edtech startup Unacademy is in advanced talk to acquire online exam preparation platform WiFiStudy. The negotiation has been on for past six weeks, and both parties have been agreed for the deal, said three sources aware of the matter.
WiFi Study focuses on video tutorials for public sector competitive exams including SSC, banking, railway, state police and other competitive exams.
“The acquisition will help Unacademy to strengthen its presence in mid (clerical) as well as low-end public sectors job seekers,” said two of the above three sources including a company insider. Sources requested anonymity as they don’t want to harm ongoing relations with Unacademy.
Entrackr has not been able to ascertain valuation and other details including cash and equity components involved in the deal.
WiFiStudy offers mock test papers, sectional test and previous year question papers amongst several others to job aspirant. It covers exams ranging from Group D to several mid-level public sector recruitments.
“The deal has been almost sealed and likely to be announced in a couple of weeks,” added sources. Entrackr has sent emails to Unacademy and WiFiStudy.
However, in an e-mail response, WiFi Study has denied the development, “We’re in good business relationship with Unacademy but that doesn’t mean that WiFiStudy is being acquired by Unacademy.”
WiFiStudy claims to have 4.5 million registered user base along with 70 million views on YouTube on a monthly basis. Founded by Dinesh Godara in 2013, WiFi Study helps aspirants through exam preparation tips, strategy, syllabus, and pattern.
Last month, Unacademy had raised $21 million Series C round led by Sequoia Capital, Nexus Ventures, SAIF Partners. So far, it has amassed $39 million in total risk capital since its inception in 2015.
Currently, Unacademy claims to have 3,000 educators on its platform whose content were watched over 40 million times. Following the Series B round, it’s been aggressive in deploying proceeds to expand its reach.
The Bengaluru-based company claims to have over 2 million subscribers on its YouTube channel and has a repository of over 50,000 online video lessons.
Note: The post has been updated with more inputs and latest development.