 "Graphy acquires edtech platform Spayee for $25 million")
Graphy, an Unacademy Group company, on Monday said it has acquired edtech platform Spayee for USD 25 million (about Rs 187.8 crore).
Post the acquisition, Spayee will continue to operate independently, a statement said.
"The acquisition further cements Graphy's leadership position in the creator ecosystem, while increasing its reach and enabling it to optimise its product offerings," it added.
Founded in 2014 by Sandeep Singh, Gourav Kakkar, Aniruddha Singh, and Vijay Singh, Spayee 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 & scalable medium for content creators to build an online education business," Sumit Jain, co-Founder and CEO of Graphy, said.
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He added that 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," he added.
Graphy was created as a platform for educational content creators to grow their audience, monetise their skills, and host live cohort-based courses. The platform helps creators launch their own online school in under 60 seconds.
Graphy, which has over 500 active creators, is led by co-founders Sushil Kumar, Sumit Jain, and Shobhit Bakliwal.
The company has recently launched multiple programmes 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.