New Delhi-based edtech startup Eupheus Learning on Thursday announced that it has raised $4.3 million (Rs 30 crore) in its Series A round through a mix of equity and venture debts.
Yuj Ventures, an early-stage investment platform backed by the family office of Sid Yog, Founding Partner of a global investment firm, The Xander Group Inc, led the round. Existing investor, Mumbai-based venture capital firm Sixth Sense Ventures also participated in the round.
Madhav Soi of Yuj Ventures, Singapore said,
“The Indian education space is being disrupted and Eupheus, with its superior content enabled through careful curation and exclusive partnerships with the most innovative education companies globally, is providing the best of in-class and home learning solutions to students.”
Eupheus said it will use the new capital to increase nationwide presence, develop new product offerings, and expand the team. With this fundraise, the company will also commence operations in the Middle East and drive international expansion in other markets.
Founded in 2017 by Sarvesh Shrivastava, Ved Prakash Khatri, and Amit Kapoor, Eupheus seeks to close the gap between the classroom and home learning through curated, technology-led, subscription-based learning solutions to schools. Operating across the Pre-K to Class XII segments, Eupheus offers products in all subject areas and packages both the curriculum and homework tracking tools in physical form.
Eupheus, which posted a revenue of Rs 60 crore in FY19, claims to be the only company in the edtech space to turn profitable within 21 months of operations.
In the first half of FY20, Eupheus recorded a 3X increase in revenue compared to the same period last year. It also increased its geographical presence to 70 cities in India from 52 earlier, expanded its team to 175 personnel, and forged new alliances with four international education players, taking its roster of global partnerships to 17.
“With this infusion of capital, we have the opportunity to expand our presence across India and into neighbouring nations, and showcase the benefits of our unique offering to an ever-larger audience,” said Sarvesh Shrivastava, Managing Director of Eupheus Learning.
As of 2019, the Indian education sector was valued at approximately $101.1 billion and its online education market at $563 million, as per IBEF report. The online education market is expected to hit $1.96 billion by 2021, according to a KPMG report.
(Edited by Suman Singh)