ConveGenius, an edutainment startup has raised INR 2 crore funding in a pre-series A round aided by Enablers, a web-based platform which connects and facilitates fundraising transactions between investors and startups.
The capital raised from investors based out of India and South East Asia will be used for product enhancements and expansion of their technology and content aggregation team. The platform is based out of India and Singapore.
“The aim is to provide access to educational content, and opportunities such as scholarships, career counselling and jobs to the masses by building products that are agnostic to vernaculars and the paying capacity of our users” said Jairaj Bhattacharya, Co-founder ConveGenius.
Founded in 2013 by Jairaj Bhattacharya and Shashank Pandey, ConveGenius aimed at making learning affordable, fun and rewarding. Their products are focused on mobile based learning via technologies of gamification, adaptive analytics and intelligent content aggregation. It claims to have reached out to more than 50,000 students in the last one and half year via their products. In October last year, the venture raised an angel round of USD 100,000.
Edutainment caters mostly to the K-12 segment. Currently, the market size of edutainment-based products in India has reached USD 6 billion. In the last few years, the edutainment industry has been witnessing a revival, as many startups are coming up to cater to the rising demand in the sector. In this age of technology, most startups are concentrating on the Internet, via mobile apps and games, to cater to the audience.
Edutainment startups are banking on the continuously growing smartphone user population. According to a study, there will be more than 650 million smartphones in India within the next four years. This is almost 50 percent of India’s population. Given that around 72.2 percent of India lives in rural areas, it is obvious that more than 25 percent of India’s population from the rural segment will be equipped with smartphones and internet via data connectivity. This development brings a huge growth opportunity in the edtech segment.