Edtech unicorn Unacademy is bullish on the growth prospects of the industry despite cautious investor sentiments.

The online learning and test preparation platform has announced the launch of 50 new channels in a bid to expand its offering.

According to a report by Ernst and Young and IVCA, after being resilient for almost six months amid global headwinds of tightening liquidity and rising inflation, Indian PE/VC investment flows have for the first time shown signs of tepidness.

Investments worth $3 billion were recorded in July, down 69 per cent from a year ago.

Start-up investments have seen a sharp decline of 76 per cent year-on-year. Edtech has borne the brunt with several firms reporting layoffs amid a funding crunch.

Vivek Sinha, chief operating officer, Unacademy, said there was a lot of positivity around edtech during the Covid period, where online education emerged as a preferred choice among both educators and students. However, there has been a change in sentiments since the educational institutions started opening up with the easing of restrictions.

“Edtech sector still remains on a strong footing because the fundamentals remain unchanged. Sentiments keep on changing and some players will do well and some not,” said Sinha.

The removal of barriers to moving to a different physical location for education coupled with affordability has been the two major growth drivers, according to Sinha, who said that Unacademy is expanding further with the introduction of new channels and partnerships.

“With the announcement of launching 50 unique channels, we are strengthening our commitment towards democratising education and presenting a strong content strategy for learners who are seeking knowledge in unique and exciting ways,” said Sinha.

The new educational channels encompass broad categories such as Bank, SSC, Defence, UPSC, NEET UG and JEE among others.

Unacademy in a statement has also said that it is partnering with GATE Academy and founder and director Umesh Dhande has joined the platform as vice-president, academics, GATE & ESE.