Noida-based edtech startup, Buddy4Study raised Series A funding of $3 million (Rs 20 crore) from CBA Capital, an education-focused VC fund, and Challenger 88, a Swiss investment firm. The company plans to utilise the capital to scale up and expand its operations significantly.
The funding was raised through ECF (Education Catalyst Fund) managed by CBA Capital, and the startup claims the funding marks the beginning of Buddy4Study entering an era of expansion.
Buddy4Study is a scholarship portal that helps students manage their scholarship applications. The platform lists scholarships from school to PhD level, and lets students screen, choose, apply and track their applications through an online scholarship management system.
“Buddy4Study is touching just the right chords. Their commitment towards blending solutions with technology and creating an impact on students across the country is yielding results. I foresee Buddy4Study as one of the notable contributors in the EdTech space,” added Founder and Director of CBA Capital, Vishal Bharat.
Backed by a team of over 120 people from diverse backgrounds including Marine Engineering, Civil Engineering, Media, Journalism, Technology, Software and Programming, Buddy4Study aims to make scholarships accessible and simple for millions of students across the country.
“We have constantly transformed the scholarship landscape in India ever since our inception. We are committed to make scholarships accessible and simple for the students in addition to CSR implementation in the field of education the most preferred domain for corporates”, says Manasvi Singh, Co-Founder and Co-CEO, Buddy4Study.
“Technology is proving to be a game-changer in the education sector. With the government providing massive digital push in the same segment, it is only opportune to multiply our efforts and develop more innovative products to provide end to end financial aid to students,” says Manjeet Singh, Co-Founder and Co-CEO, Buddy4Study.
CBA Capital had earlier launched a Rs-100-crore fund, backed by Micheal and Susan Dell Foundation to empower companies focused on education and skilling solutions.
CBA Capital's early stage education and skilling impact fund, Education Catalyst Fund (ECF), plans to help edtech startups in pre-series A, Series A and B equity rounds.