Mumbai-based academic and technology services organisation Schoolguru announced that they have raised Rs 20 crores in Series A funding. Family offices of High Net worth Investors (HNI) in India and USA have participated in this round of funding which will be utilized for enhancement of the technology platform as well as increasing footprint and associations with other universities.
Providing Information and Communication Technology support for courses, Schoolguru Eduserve handles enquiries, fees and admissions for Universities.
The firm is planning to invest the raised funds for improving the technology platform while enhancing the content library to make learning enriching for the students. In an earlier conversation with YourStory, Schoolguru had mentioned about their plans to increase their footprint 25 Indian universities, enrolling a million students in the process.
Targeting year-to-year growth model, the startup has grown from 1500 students in 2013, to 6000 students in 2014. Aiming to target 1.5 lakh student users this year to use their product, within four months into their financial year, the startup had already achieved more than half of its target (1,00,000). Last year, they clocked revenues worth 3.5 Crores and are aiming at 20 Crores this year.
Commenting on the funding, Shantanu Rooj, Co-founder, SchoolGuru says
“We wish to partner with Universities to deliver high quality academic programs for thousands of students in India and abroad at an affordable cost. The funding will allow us to improvise on our technology and give a rich and fulfilling learning platform to the students of our partner University. We have plans to offer services of our platform not only to the ODL students but also to the students enrolling for traditional classroom education and with the technology support we would like bring a change in the classroom education in several remote areas of the country”.
According to Docebo, the inflow of venture capital in the e-learning space has been six billion globally in the past five years. While narrowing down to India, TechNavio’s report assesses the Compound Annual Growth Rate of Indian education market to grow at the rate of 17.50 per cent from 2014-19.
Thus, the sector owes potential with more than USD 40 million raised from online education technology startups. With Oliphans Capital investing in Sigrid and Yuvraj Singh’s YouWe Can Ventures, United Finsec and 500 Startups raising USD on million in Edukart, the race is to scale with stealth.