Edureka raises funding from venture capital fund Leo Capital India, and will use the capital to scale up its team, enhance the core product, and improve customer experience.
Leo Capital, a venture capital fund that invests in technology companies, has invested $2 million in e-learning company Edureka . The bootstrapped edtech startup has, for the first time, opened its doors to investment to fulfil its plan of achieving 6x growth in the next three years, expand global reach, accelerate growth and innovation, and bring senior leadership on board.
With this new development, Rajul Garg, Founder and Managing Partner of Leo Capital India, will join the board of Edureka. Rahul is an entrepreneur-turned-investor and has founded companies like Pine Labs and GlobalLogic, the company says.
In a statement released to the media, Rajul said, “We have long believed in the growth potential of e-learning, especially when it comes to bridging the skill gap in the IT industry. Edureka is uniquely positioned to meet the demand for quality technical training, as demonstrated by their remarkable growth since inception. We are confident that they will capitalise on global demand to become a dominant player in this market and we look forward to helping them achieve this goal.”
A joint study by Google and KPMG cites that online education will be a $2 billion industry in India by 2021. India is in fact the third largest online market for education in the world. The report further highlights that reskilling and online certification courses are currently the dominant category with a 38 percent share.
Edureka has reportedly achieved 3x growth in the last three years and has a learner community present across 100+ countries.
Lovleen Bhatia, Co-Founder & CEO, Edureka, said: “With this investment, we will continue to focus on scaling up our team, enhancing our core product and improving customer experience to achieve our target of achieving 6x growth in the next three years. We’re also excited to welcome veteran investor and serial entrepreneur Rajul Garg into the company.”
Founded in 2011 by Kapil Tyagi and Lovleen Bhatia, Edureka is a global e-learning platform for live, instructor-led training in trending technologies such as big data, cloud computing, artificial intelligence, Blockchain, data science, business intelligence, and others. In terms of competition, the company is locking horns with other global and Indian online learning platforms like Udacity, Simplilearn, Coursera, Unacademy, Udemy, and others.