Graphy, a group company of edtech unicorn Unacademy, has announced the acquisition of a software as a service (SaaS) platform, Spayee for $25 million. This is the 10th acquisition of the Softbank-backed Unacademy. With the current buy-out, the company aims to strengthen its position in the creator ecosystem, while increasing its reach and enabling it to optimise its product offerings. Post the acquisition, Spayee will continue to operate independently, the company said in a statement. Unacademy has spent close to $100 million in various acquisitions since 2018 to strengthen its capabilities beyond the test preparation vertical.
Spayee was founded in 2014, by Sandeep Singh, Gourav Kakkar, Aniruddha Singh, and Vijay Singh. The platform allows content creators to produce customised courses in the form of audio and video tutorials, PDF documents, quizzes, assignments, and live classes. Spayee also supports creators to create and build their own website and mobile apps on Android and iOS. Currently over 2,000+ creators and businesses have launched their platforms using Spayee.
"The creator economy is booming and at Graphy, we are constantly on the lookout for avenues that will help creators grow and achieve their full potential. We share a common ethos with Spayee, recognising the need for an affordable, secured and scalable medium for content creators to build an online education business. And 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 recently launched multiple programs like the Creator Grant and Graphy Select Accelerator program to boost the creator economy and help creators monetise their skills and launch their online school.
The string of acquisitions by the Bengaluru-headquartered Unacademy brings it closer to its rival, the Edtech decacorn, Byjus which has spent over $2 billion in acquiring smaller firms in India and the US markets.
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