Hiring platform Relevel raises $20 million from parent Unacademy : Tech News

Bengaluru: Relevel, an online hiring platform, has raised $20 million from parent company Unacademy for scaling up its team and to improve the variety of job offerings.

“The fundraise comes within four months of the launch of Relevel, on the back of strong traction witnessed in user growth, hiring company partnerships, and placement rate,” according to a statement released on Thursday. The startup currently has over 2.35 lakh users.

“The capital will be used for scaling up the Relevel team, strengthening the platform and expanding the suite of tests to improve the variety of job offerings,” the statement read.

Earlier this month, Unacademy
announced its largest ESOPs (Employee Stock Ownership Plans) buyback worth $10.5 million. Last month, it
raised $440 million in a new round of funding led by Singapore government’s investment fund Temasek. It has made around seven acquisitions so far.

Earlier this month, the edtech unicorn
shut down Mastree a year after acquiring the startup, according to an internal note sent by chief executive Gaurav Munjal to his leadership team. Mastree was building a subscription product for STEAM (Science, Technology, Engineering, Arts and Mathematics) courses.
Unacademy had invested $5 million in Mastree for a majority stake. In February, it
acquired TapChief for a valuation of Rs 100 crore.

The edtech major is backed by investors including Tiger Global, SoftBank Vision Fund II, Dragoneer Investment Group and Sequoia India. Although it hasn’t set a definite timeline, Munjal has said that the company will go public some time in the future.