Edtech unicorn Unacademy’s former chief operating officer (COO) Vivek Sinha has secured funding for his new edtech start-up, according to people in the know.
The former executive of the edtech firm has raised $11 million from Lightspeed Venture Partners, Matrix Partners, angel investors like Oyo group CEO and founder Ritesh Agarwal and Unacademy CEO and Co-Founder Gaurav Munjal, said sources.
The start-up would focus on upskilling sector, providing support to the healthcare industry, sources added. The funding round is ongoing, with Sinha actively seeking more angel investors.
Sinha had resigned from unicorn edtech Unacademy in August. “After three incredible years at Unacademy, I have decided to take the next step in my career. Grateful for the opportunities, friendships, and memories I have gained. Thank you for believing in me and constantly pushing me to operate at (the) peak of my abilities Gaurav Munjal,” said Sinha at the time of his departure.
Meanwhile, an NIT Jamshedpur and ISB alumnus, Sinha joined Unacademy in August 2020 as the COO. In his role at the edtech unicorn, he managed the full-stack P&L of digital test prep, hybrid centres, K12 and jobs and skills verticals.
Earlier, Sinha had worked at OYO and Mobikwik. At OYO, Sinha managed an SBU (separate business unit) for the start-up’s joint venture with Softbank managing luxury hotels in the country.
Unacademy reported its maiden cash flow-positive month in June 2023. It is yet to file its financials for FY23, however, it posted a net loss of ₹2,848 crore in FY22, up 85 per cent year-on-year (y-o-y).
Recently, Munjal claimed that the edtech unicorn managed to reduce its cash burn by 60 per cent in 2023.