Hyderabad-based ed-tech startup IndigoLearn has raised $150,000 in a seed funding round from a group of angel investors based in India, the US and Europe, reported VCCircle today.
Maheshwar Peri, founder & chairman of Careers360 — online student community and career counseling platform, and Jamshed Jeejeebhoy, director at Byramjee Jeejeebhoy Pvt. Ltd were among the angels who participated in this funding round.
The startup will use the funds raised to expand its student base, launch new products and develop its product and content.
Launched in 2017 by by Sriram Somayajula, Sathya Raghu V Mokkapati and Suraj Lakhotia, IndigoLearn is an online education platform that offers CA courses to students preparing for the entrance exam. It uses a combination of the best of CA faculty, CA toppers and big data to offer engaging and personalised teaching to students.
Somayajula, who himself is a chartered accountant and ISB Hyderabad alumnus, was a former executive at furniture e-tailer Furlenco, where he was leading the finance function. While, Sathya Raghu V Mokkapati is a an entrepreneur already, as he also runs an another startup called Kheyti. Kheyti is an award-winning T-Hub incubated startup which provides low cost technological solution to small farmers. Mokkapati is also a teacher who teaches chartered accountancy (CA) in several cities across the country.
“Our pass percentages are 50% higher than the average and we have tens of rank holders amongst our students, including all-India first rankers. Students want us to launch modules for additional subjects quickly,” said Somayajula.
In last 12 months, the startup claims to have helped over 5,000 students across the country to prepare for their CA examinations.
Maheshwar Peri, one of the angel investor in IndigoLearn, said, “There is a dearth of quality players in this space. I see good potential for players like IndigoLearn. With their student-focused approach and high-quality content backed by extensive use of technology and analytics, IndigoLearn can substantially improve learning outcomes for the students.”
In next one year, the team intends to launch modules for the entire CA course along with modules for class XI and XII students and a few global professional courses as well. The aim is to train a million students to be conceptually-sound professionals in the next five years.
Recent EdTech Startups’ Fundings
Last month, Gurgaon-based Doubtnut, a multi lingual online learning platform for students, also raised ₹3.5 crore in a pre-series A round of funding led by WaterBridge Ventures with participation from Omidyar Network. Prior to this, Bengaluru IMAX Program has raised $13.5 million from the Michael & Susan Dell Foundation, LGT Impact Ventures and existing investor Aspada, in February.
In the same month, former CEO and co-founder of Infosys Shibulal has launched EduMentum — an incubator for early-stage startups working in the space of offline education transformation.
In January, Ed-tech start up GreyAtom has raised a $1M funding round led by early-stage fund Pravega Ventures. In the same month, Bengaluru-based enterprise platform for educational institutions CollPoll has raised its pre-series A funding round led by Manipal Global Education Services (MaGE).
In November 2017, AEON Learning Private Limited, which is backed by Kris Gopalkrishnan, acquired Acadgild, an online edtech startup, for $10 million in an all stock deal.
In the same month, an another edtech startup Perspectico raised seed funding from Delhi University and Government of Delhi Incubator.
Additionally, it may be recalled that S. D. Shibulal, better known as Shibulal, who is a former CEO and co-founder of Infosys, has launched EduMentum — an incubator for early-stage startups working in the space of offline education transformation.
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