Marking its sixth acquisition this year, Sorting Hat Technologies, the Bengaluru based company that owns edtech platform Unacademy, bought test preparation platform NeoStencil for an undisclosed amount.
The acquisition, the company said in a statement, will cement Unacademy’s leadership position in the test preparation space, while increasing its footprint in tier II and III cities.
“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. I have known Kush and Love for the past 3 years and have been fortunate to see their journey,” Unacademy CEO Gaurav Munjal said.
NeoStencil was founded in 2014 by Kush Beejal and Love Beejal to make education accessible and affordable across India. The startup developed an asset-light and scalable model, which leverages technology to solve the problem of accessibility for students and teachers. The company claims to have helped over 100 coaching institutes go live, and over 15,000 paid students enter classrooms from the comfort of their homes.
“Our resolve is to ensure that every aspirant has access to the best resources regardless of whether they live in a metropolitan city (or not). Joining the Unacademy Group enables us to realise this vision by being a part of a larger movement,” Kush Beejal said.
Post acquisition, Kush Beejal will continue to run NeoStencil.