Indian online learning platform Unacademy is in advanced talks to acquire Rheo TV, a less than two-year-old startup founded by two former Unacademy employees, according to three sources familiar with the matter.
The current deal values Rheo TV, a startup that has built a platform to help professional game streamers live stream their gameplays and monetize those feeds, at over $10 million, one of the sources said. The deal proposes Rheo TV’s team of fewer than a dozen people to join Unacademy.
The younger startup counts Lightspeed India Partners, Sequoia Capital India’s Surge, as well as the founding team of Unacademy — Gaurav Munjal, Hemesh Singh, and Roman Saini — among its existing investors.
Munjal and Sequoia Capital India declined to comment. A founder of Rheo TV didn’t immediately respond.
As tens of millions of college students come online and play games, the startup is betting that many of them, provided platforms are able to help them make a living, will consider streaming their gameplays as a viable career option.
Streamers on Rheo TV, which offers several features similar to those of Twitch, are currently rewarded based on their gameplays, followerbase, and past performance in different tournaments.
If the deal materializes, it would be the latest acquisition by Unacademy, the Bangalore-based startup that has amassed over 5 million monthly active users in over 10,000 cities in India.
In the past two years, the Facebook, Tiger Global, and SoftBank-backed startup has acquired WiFi Study, PrepLadder, Coursavy, and led a strategic investment in Mastree.
The startup, which also operates creator platform Graphy, this week unveiled a fund worth over $13 million to help applicants kickstart their online school.
India’s online education market is estimated to grow to $19.7 billion by 2030, up from $1 billion last year, analysts at Bernstein wrote in a recent report.
source https://techcrunch.com/2021/06/25/indian-online-learning-giant-unacademy-in-talks-to-acquire-rheo-tv/
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