Codechef, a platform for professional and amateur programmers to compete in programming challenges, announced that it has been split off from Unacademy Group and will now operate as a separate company led by its current management team.
According to a statement from the company, Unacademy will have a 30% ownership stake in the newly formed company and has contributed an initial capital sum that will support its operations for the next 12 to 18 months. In order to strengthen its financial position, CodeChef will reduce costs and has temporarily suspended some of its services, including Cook-Offs, Lunchtimes, and long contests.
In June 2020, CodeChef, a website that helps programmers learn computer programming, was acquired by Unacademy. Over 10,000 algorithmic competitions have been held on the platform since 2009, attracting more than 2 million users from all over the world. As a practice platform for DSA, CodeChef is also well-liked by college students in India.
Remember that under its previous owner, Directi, Codechef was a non-profit endeavor. The organization’s founder, Bhavin Turakhia, has served as a director on Unacademy’s board since 2017.
Between 2020 and 2022, Unacademy went on an acquisition binge. However, during the funding winter, the business was forced to let go of a number of employees from both its core team and its portfolio companies. A K-12 learning platform called Mastree was also shut down by the company. PrepLadder and Graphy are also part of the Unacademy Group.
According to the company, there are more than 99 million students enrolled in its network of more than 91,000 registered educators.