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With 150% internal returns, WaterBridge exits Unacademy

WaterBridge Ventures had invested $1 million in Unacademy in 2016, in the process marking its debut transaction from its maiden fund — the $30 million WaterBridge Ventures Fund-I.

, ET Bureau|
Sep 03, 2018, 08.26 AM IST
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Unacademy is an online learning platform that helps educators create courses on various subjects.
NEW DELHI: WaterBridge Ventures has exited its investment in online education startup Unacademy after three top venture capital investment firms — Sequoia Capital, SAIF Partners and Nexus Venture Partners — bought out the earlystage investor’s stake in the Bengaluru-based company.

The development comes soon after Unacademy raised $21 million (Rs 143 crore) in its Series C funding round, which was led by its three existing marquee investors in July, and which valued the three-year-old company at about $100 million.

WaterBridge Ventures, which primarily participates in the seed-to-Series-A segment, had invested $1 million in Unacademy in 2016, in the process marking its debut transaction from its maiden fund — the $30 million WaterBridge Ventures Fund-I. “Given Unacademy was the first investment from the fund, and an opportunity to lock-in attractive returns, we decided to exit through a secondary sale. We’re confident that Unacademy’s stellar journey of growth will continue with highly supportive investors such as Sequoia, SAIF and Nexus,” Manish Kheterpal, managing partner at WaterBridge Ventures, said.

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While Kheterpal declined to provide details of the terms of the exit, he said that the fund had earned internal returns of close to 150% and five times its investment in the company.

WaterBridge is believed to have held about a shade less than 5% stake in Unacademy. This also comes at a time when the secondary pool of investments in India’s startup ecosystem is growing deeper, with existing investors along with newer entrants, such as NewQuest Capital Partners and TR Capital, entering the market to pick up stakes in what they have identified as promising ventures.

Unacademy is an online learning platform that helps educators create courses on various subjects. The platform’s educators range from influencers like Kiran Bedi to teachers in smaller towns and cities, such as Dhiraj Singh Chouhan in Jagdalpur and Yasmin Gill in Panchkula.

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