Unacademy goes after Scaler Academy

Why read this story?

Editor's note: It should not come as a surprise to anyone that education technology, along with financial technology, has been the centre of all action ever since the COVID-19 pandemic struck last year. As parents worldwide woke up to the potential of online education and learning, and investors hedged their bets against a crumbling global economy, edtech startups cashed in big time. In the 21 months to 30 September 2021, Indian edtech firms have attracted nearly $6 billion in venture capital and private equity funding, according to data from Venture Intelligence. But excess liquidity led to a sharp consolidation as boundaries blurred and startups with deep pockets went on a shopping spree to expand their product offerings and user base. The consolidation, which first emerged towards the end of 2020, has only picked up pace this year. According to data from Venture Intelligence, edtech saw mergers and acquisitions worth $3.35 billion in the first nine months of 2021, nearly three times the combined value of such deals in 2020 and 2019. Every edtech startup worth its salt is on a prowl and …