Unacademy's Graphy acquires edtech startup Spayee for $25 mn

New Delhi, Oct 11 (IANS) Graphy, an Unacademy Group company, on Monday the acquisition of edtech software-as-a-service (SaaS) platform Spayee for $25 million.

Founded in 2014, Spayee allows content creators to produce customised courses in the form of audio and video tutorials, PDF documents, quizzes, assignments and live classes.

On the other hand, Graphy was created as a platform for educational content creators to grow their audience, monetise their skills, and host live cohort-based courses.

Graphy said the acquisition is aimed at strengthening its leadership position in the creator economy.

"Spayee has built a winning proposition for creators. We are confident that having them as part of the Unacademy group will help us explore common synergies and build the world's largest creator community," said Sumit Jain, co-founder and CEO, Graphy.

Graphy helps creators launch their own online school in under 60 seconds and has over 500 active creators.

Post the acquisition, Spayee will continue to operate independently. Currently over 2,000 creators and businesses have launched their platforms using Spayee.

Bengaluru-based edtech platform Unacademy was founded by Munjal, Saini, Hemesh Singh, and Sachin Gupta in 2016.

In August, Unacademy closed a Series H round of $440 million at a valuation of $3.44 billion.

Unacademy, at present, has over 50,000 registered educators and more than 62 million learners. The startup offers learnings in 14 languages across 5,000 cities.