Unacademy acquires Praveen Sinha backed Neostencil, to sign off 2020 on a high

The 2nd most valuable edtech company in the country, Unacademy has acquired test prep startup ‘Neostencil’ for an undisclosed amount. Neostencil, a test prep startup that focuses on Government job preparations, has the likes ofPraveen Sinha (ex-Jabong MD) as one of their investors.

The NeoStencil acquisition has been completed to further strengthen Unacademy’s leadership in the test preparation space whilst improving their presence in Tier II and Tier III cities, the company said.

“Our mission at Unacademy Group is to democratise knowledge and while we have set out firmly towards that goal, we still have a long way to go. We’re always looking for synergies in the form of great companies and teams, which are creating an impact by making educational products affordable and accessible," said Gaurav Munjal, Co-Founder and CEO, Unacademy Group.

Founded in 2014, by Kush and Love Beejal, Neostencil aimed to help improve accessibility for students and teachers in an affordable manner across the country. The startup serves over 11 lakh students and has tie-ups with over 100 institutes, offering over 500 courses. Dr. Love Beejal is a former alumni of AIIMS and IIM Ahmedabad while Kush Beejal is an alumni of IIT Bombay and IIM Calcutta.

“Our resolve is to ensure that every aspirant has access to the best resources regardless of whether they live in a metropolitan city. Joining the Unacademy Group enables us to realise this vision by being a part of a larger movement. I still remember meeting Gaurav three years back, and his remark that NeoStencil is one of their most honourable competitors meant a lot to us. We’re delighted to come onboard," said Kush Beejal, Founder and CEO, NeoStencil.

Kush Beejal will continue to run NeoStencil as the CEO and will develop synergies on how the two platforms can work together.

Speaking on the development, Praveen Sinha Jabong, CO-Founder welcomed the move and said that this will benefit both the parties. “In NeoStencil, Unacademy has acquired a platform with a dedicated user base and B2B relationships in the form of over a 100 institutions spread out across India, and in Unacademy, NeoStencil has the opportunity to join thought leaders who are disrupting and paving a new age of education in the country. The Government job niche was something that was relatively untapped so far, and the team at NeoStencil have done exceedingly well to tap into this market. Their experience and resources will add considerable value to the Unacademy family,” concluded Sinha.