Mumbai Angels, India's leading group of angel investors, has announced its follow-on round of investment in Speakwell, India's No 1 English speaking training company based in Mumbai. Speakwell has charted out a growth plan for next couple of years including national and international rollout of its products and services and foray into new businesses. It received its angel investment about a year back from Mumbai Angels, and found it suitable to go for another round from the same group owing to its prolific past performance and existing relations with the group of investors. The deal is reported to be in the range of 2 crores, the sweet spot of angel investments, and has taken place at a higher valuations compared to the last round.
Praveen Chakravarthy and Vikas Choudhury represent Mumbai Angels on the board of the company.
“We are glad to strengthen our relationship with Mumbai Angels” said Aslam Moosa, CEO of Speakwell. “Mumbai Angels investment last year helped us to consolidate our offerings in Mumbai and build more depth in our team, brand and content. Now, I feel very confident to expand our offerings leveraging our brand and technlogy for future growth. We have successfully completed an International Program for Indian students, expanded services to tier 2 cities like Kanpur and current round of investment will enable us to rapidly grow."
Rajiv Dadlani, Mumbai Angels, commented on the occasion, "Speakwell has a unique combination of team, brand and content, which is what attracted our group to this investment. We feel confident that Speakwell team will continue to deliver results as expected in the past. With more and more interest in education sector, I feel Speakwell is well-positioned to continue its dominating presence in Western India, and at the same time expand its footprint across geographies. It is already No 1 brand in English speaking training in Mumbai with 65 centers, with competition being left far behind."
About Mumbai Angels
Mumbai Angels, started in November 2006, is a unique forum of angel investors where its members interact and exchange ideas and knowledge. The Mumbai Angels provides a unique platform to start up and very early stage companies by bringing them face to face with successful entrepreneurs, professionals and executives who are interested in and have the funds available to invest in start up companies. Mumbai Angels has made over 20 investments in last 3 years, and some investee companies include mKhoj (now InMobi), Apalya Technologies, Speakwell, Myntra and Reverse Logistics Company.
Speakwell English Academy is one of the leading Spoken English training provider in Mumbai with more than 65 branches in Mumbai, with presence in Pune & Ahmedabad. Founded in the year 2006, as an offshoot of a recruitment and placement company, to help candidates clear interviews, Speakwell has developed course curriculum specifically targeted at the adult learner. Their curriculum has been accorded ISO 9001:2000 certification and is developed in several local languages too. Speakwell also offers employability training to candidates in the retail sector.