Unacademy Picks Up 51% Stake In Mastree For $5 Million
Edutech platform Unacademy has picked up 51% stake in K-12 learning platform Mastree for $5 million, days after it acquired PrepLadder for $50 million.
"This (acquisition of majority stake in Mastree) will further strengthen Unacademy's presence in the K-12 learning space. In addition to the investment, Unacademy has provided Blume Ventures an exit," according to a statement issued Tuesday.
Mastree will now join the Unacademy Group of edtech startups consisting of Wifistudy, Kreatryx, PrepLadder and CodeChef.
Founded by Shrey Goyal and Royal Jain in October 2019, Mastree is building a one-stop subscription product for STEAM (Science, Technology, Engineering, Arts and Math) courses for classes 5-8. This will include live classes as well as features like doubt solving, personalised practice and live quizzes.
"During our first meeting, Shrey and Royal showed us the product they were building. We were very excited about it, and hence we decided to partner together,” Gaurav Munjal, co-founder and chief executive officer of Unacademy, said. “Unacademy and Mastree have a shared vision, and together we want to create an impact and make quality education accessible and affordable.”
Mastree is building a highly impactful subscription product, and it will change the way students learn, he added.
"Mastree's mission is to help students achieve academic excellence by igniting their curiosity and providing them with personalised and affordable education,” Shrey Goyal, co-founder and chief executive of of Mastree, said. “We are excited to be a part of the Unacademy Group and have the Unacademy team as a partner and mentor in this journey.”