FlipClass, which is an online portal that helps parents and guardians looking for private coaching for their children by connecting them to tutors, has been successful in raising seed funding on LetsVenture, which is a deal making site.
The Bangalore based startup has raised Rs.1.5 crore this week from a cluster of investors which was led by Hareesh Ramanna, who is the founder of BlueCap MobileHoldings, which is a Singapore based Company.
FlipClass was founded by Vineet Dwivedi, who is an IIT Kanpur graduate, in May 2013. The idea came to him when he was trying hard to find a home tutor for his 11 year old son but his hard work yielded him with no successful results.
FlipClass currently offers services only in Bangalore and Hyderabad. The online portal helps parents in finding tested and pre-screened tutors for their children and even provides them with the facility of paying their fees online. The startup retains about 20 to 30 % of the fees with itself as commission and passes on the rest to the concerned tutors.
According to Vineet, the company pre-screens all the tutors in their network and even tests them for their skills. The company currently aims to expand the marketplace to the top 50 cities of the country. The company's database contains experienced people from BITS, IITs, IIMs, Stanford and other prestigious institutes from all around the globe. The tutors are also judged on their passion in teaching others.
The Company has a goal to earn revenue of more than $150 million in the next 5 years and is working hard to achieve this goal. The startup currently has around 1000 tutors and 500 students in its network in Bangalore.
According to Hareesh Ramanna, who lead the 1.5 crore deal, the money can be used by the startup to expand to at least one more city and after this they will have to raise a larger round. He further added that the startup has a great potential to expand globally as it is a challenge to find a good tutor in Asian markets of China and Korea as well.
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