[Funding alert] Furtados School of Music raises Rs 20 Cr led by IAN Fund
Furtados School of Music (FSM), a Mumbai-based music school brand operated by FSM Education Pvt. Ltd., on Tuesday said it has secured Rs 20 crore in funding from IAN Fund and DSG Consumer Partners.
According to the brand, this round of funding will help FSM to further expand its presence across major cities in the country and also enhance its offering aimed to make quality music education accessible to children and individuals.
Tanuja Gomes, Co-founder, Furtados School of Music
Speaking on this strategic move Tanuja Gomes, Co-CEO and Co-Founder, Furtados School of Music, said,
“We began FSM with the aim to make quality music education accessible to every individual – young and old. Since inception, we have meticulously built our proposition to scale, today we are imparting music to over 60,000 students, across 14 cities which include Tier I, II, and III. We are now looking to expand our business and reach a student base of over 5,00,000. We are also looking at enhancing our offering, with a slew of initiatives in the pipeline, which will drive our next phase of growth, over the next decade.”
Incorporated in 2014 by Tanuja Gomes and Dharini Upadhyaya, FSM Education Pvt Ltd promotes quality music education with its omnichannel distribution model. Currently, FSM has a reach of about 200 schools with over 15 centres across 14 cities in the country. It now plans to further strengthen its presence across India.
Besides, the funding will also fuel scaling up its technology infrastructure including its app services and support its annual growth, which stands at 40-50 percent year-on-year.
At present, FSM claims to be operationally profitable.
Commenting on the announcement, Padmaja Ruparel, Founding Partner, IAN Fund, said,
“With increasing aspirations of Indian’s, music education is definitely on the rise. FSM does cater to this aspirational and growing customer base providing quality music education, and we are extremely excited with Tanuja and Dharini’s ambitious plans for FSM.”
FSM also targets K12 schools with its music programmes, provides school learning at centres, and enables home tuitions through its mobile app, High.
(Edited by Suman Singh)