[Funding alert] Edtech startup Oda Class raises pre-Series A round from China-based Yuanfudao
Bengaluru-based edtech startup Oda Class has raised an undisclosed amount in its pre-Series A round of funding. The investment round was led by Yuanfudao, a China education giant.
According to a statement released by the company, Oda Class plans to use the investment for technology up-gradation, expansion of product offerings, development of infrastructure, and enhancement of teacher recruitment system.
Founded by Li Yong, the Founder of Yuanfudao, and Shushant Srivastava, Oda Class offers content and material via video, adopting a dual-teacher model with IIT and NIT alumni. The dual teacher system is an approach of delivering lectures by a master teacher with chat-based interaction, complemented by personal assistance from an academic mentor available round the clock for doubt-solving.
Commenting on the funding, Shushant Srivastav, Co-founder, Oda Class, said,
"We believe that by providing the best product with the most advanced technology, combined with the best educators will benefit students across India, and this will mark our achievement. We are happy to be backed by a partner like Yuanfudao, one of the most successful online education platforms in China, who has not only brought capital but business acumen and market expertise to the table. We think with their support we will be able to capture a considerable amount of market share by the end of 2020."
The company claims to have achieved the milestone of getting one million users, and are heading to achieve 10 million users by the end of this year.
“We are happy to back a team that is hell-bent on disrupting the education system of the country through technology. The team showed proof of success by acquiring one million subscribers in just 50 days. As an educational platform ourselves, we understand how big a feat this is. As a company, we are always committed towards the growth and development of the education system, and we saw the same spirit mirrored in Oda Class," said Li Yong, Founder, Yuanfudao.
(Edited by Megha Reddy)