[Funding alert] Education firm Smart Institute secures $1.5M in latest funding round from HNIs
Smart Institute, a part of The Shahani Group, on Tuesday said that it has raised $1.5 million in funding from a group of HNI investors and family offices led by ah! Ventures.
The latest fund infusion is a part of the larger $30 million financing round, which the company plans to raise over the next year.
With this round, Smart Institute aims to expand its presence in 30 cities nationally within the next five years, with additional plans to invest in its edutech platform application, ask.CAREERS.
Smart Institute, which is primarily focussed on the Indian edutech market, has renowned brands like Thadomal Shahani Centre for Management and Thadomal Shahani Centre For Media And Communication.
The company aims to use the fundraise to amplify the services of ask.CAREERS, and in turn, help candidates enhance their critical thinking, problem-solving, and time management skills while working closely with employers.
Akhil Shahani, Managing Director, The Shahani Group, said,
“In light of the increased demand for job-ready professionals with detailed industry knowledge, students today are looking towards smart classrooms, learning apps, on-the-go learning devices, and much more, to gain a competitive edge. The same has presented a huge opportunity for investors and entrepreneurs alike, culminating in our 30-city expansion plan.”
The Shahani Group has mandated European Boutique Investment Bank, IEG Investment Banking Group to assist with the fundraise.
“We expect to raise up to $15 million in the next four to five months, and reach a funding amount of $30 million by the end of 2020. This institutional funding into our company indicates increased confidence among investors of the scalability of our employability model that will lead to superior career outcomes for lakhs of students across our country,” Akhil added.
Last month, Sunstone Eduversity, an edtech startup focussed on MBA institutes raised Rs 11.3 crore in seed funding led by Prime Venture Partners, along with LetsVenture, PS1 Ventures, and Rajul Garg.
While, in November, online learning platform Adda247 also raised Series B funding of $6 million led by Infoedge (India) Ltd, Asha Impact, as well as, STL.
(Edited by Suman Singh)