31 May 2024
Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022.
Driving the news: Unacademy’s filings with the Registrar of Companies (RoC) show that the cofounders will now be able to access additional voting rights if the company forms a committee by March 2025 to work on its initial public offering.
The original terms, approved by the board in 2022 had stated that the milestone was to raise $200 million within three years of the bonus issue.
Changing targets: “...the company has optimised its cost structure and presently has sufficient cash runway and does not anticipate raising funds in the next few years. Instead, it is likely that the company will go in for a listing of its shares,” as per the regulatory filing by Unacademy’s parent firm, Sorting Hat Technologies.
Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022.
Driving the news: Unacademy’s filings with the Registrar of Companies (RoC) show that the cofounders will now be able to access additional voting rights if the company forms a committee by March 2025 to work on its initial public offering.
The original terms, approved by the board in 2022 had stated that the milestone was to raise $200 million within three years of the bonus issue.
Changing targets: “...the company has optimised its cost structure and presently has sufficient cash runway and does not anticipate raising funds in the next few years. Instead, it is likely that the company will go in for a listing of its shares,” as per the regulatory filing by Unacademy’s parent firm, Sorting Hat Technologies.
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