Graphy, a Software as a Service (SaaS) platform for content creators and a subsidiary of Unacademy, has made its first acquisition of 2023 by acquiring Singapore-based community platform Scenes. The move aims to enhance Graphy’s offerings and expand its presence in the creator ecosystem. The financial details of the transaction have not been disclosed.
Scenes, a community management platform, provides creators with an all-in-one solution for overseeing, moderating, and monetizing their communities. Through the platform, creators can sell digital products, organize events, and process payments. Varun Mayya, Co-founder and CEO of Scenes, expressed his excitement about the acquisition, stating that Scenes’ product and customers have found an ideal home in Graphy.
In a statement, Sumit Jain, Co-founder and CEO of Graphy, emphasized the strategic nature of the acquisition, stating that it strengthens their leadership position in the creator economy. He praised the Scenes team for building a robust community platform. He highlighted the alignment of their vision to support creators and educators in building and scaling their online knowledge businesses.
Graphy acquires Scenes
Graphy’s acquisition of Scenes follows its previous acquisition of SaaS platform Spayee for $25 million, which aimed to strengthen its position in the creator economy. Graphy, introduced by Unacademy in June 2020, helps creators and educators grow their online brands and businesses by providing personalized websites and mobile apps to launch online courses and promote them effectively.
In a statement, Sumit Jain, Co-founder and CEO of Graphy emphasized the strategic nature of the acquisition, stating that it strengthens their leadership position in the creator economy. He praised the team of Scenes for building a robust community platform. He highlighted the alignment of their vision to support creators and educators in building and scaling their online knowledge businesses.
Revenue chart of Scenes & Unacademy
Unacademy, the parent company of Graphy, has been making strides toward profitability. In April, Unacademy Co-founder and CEO Gaurav Munjal announced that the company was on track to achieve group-level profitability in 2023. Graphy itself has experienced significant revenue growth, reaching Rs 30 crore with a growth rate of 68%.
Despite these positive developments, Unacademy reported a loss of Rs 2,848 crore for FY 2022, indicating an 85% increase compared to the previous fiscal year. Nevertheless, Munjal remains optimistic about Graphy, referring to it as a phenomenal tech business with amazing unit economics.
Expansions and Unacademy Acquisitions
The acquisition of Scenes by Graphy marks the first buy for Unacademy in 2023, following its acquisition of Gate Academy in September of the previous year. Unacademy has been actively expanding its portfolio through acquisitions, including Wifistudy, Kreatryx, CodeChef, Prepladder, Mastree, Coursavy, NeoStencil, TapChief, and Handa Ka Funda.
The EdTech sector has witnessed significant consolidation, and Unacademy’s acquisition of Scenes is part of this M&A wave. The company has been cutting costs and streamlining operations to achieve profitability. Munjal had recently informed employees that Unacademy had reduced its burn rate significantly and is on the verge of generating a profit at the group level.
As Unacademy strives for profitability, it remains well-funded, with support from investors such as SoftBank, Tiger Global, Steadview, General Atlantic, Blume Ventures, Waterbridge Ventures, Nexus Venture Partners, Elevation Capital, and Sequoia Capital. With its sights set on the creator economy, Unacademy and its subsidiary, Graphy, are positioning themselves as leaders in empowering content creators and educators worldwide.
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