[Funding alert] Collaborative learning edtech platform Krayonnz raises Rs 1 Cr led by GSF Accelerator
Vedarsy Technologies Pvt Ltd, a peer to peer collaborative learning edtech startup, has raised Rs 1 crore as part of a pre-seed round of funding.
The Bengaluru-based startup said in a statement that GSF Accelerator, an early stage venture firm, led the financing round, which also saw participation from angel investors including founder of Razorpay, Shashank Kumar.
Krayonnz was set up in 2019 by Saurabh Dixit and Gurudutt Upadhyay, both of whom are alumni of IIT-Roorkee, and former senior developers from Amazon and Oracle. The duo are on a mission to change the way students learn, and to solve the “one size fits all” approach in Indian education. They are building an ecosystem of knowledge seekers and sharers that help each other learn better.
“We can help students when they’re doing their actual work, when they are struggling with that one question in a homework assignment, or when they are looking for further learning resources for that one chapter test,” said Saurabh Dixit, CEO and Co-founder, Krayonnz.
The platform helps students to share course-specific study material, and to earn money while solving doubts and questions of fellow students. Krayonnz said it generates revenue by charging an annual subscription fee for accessing study material and notes, along with an additional revenue share amount from value-added services such as personalized tutoring and counseling.
“Going forward, we will also simplify the process of connecting people interested in learning a subject with a peer expert who can teach it. Students and experts can create a profile showcasing their knowledge and strengths, and connect with learners in a meaningful way,” added Gurudutt Upadhyay, CTO and Co-founder, Krayonnz.
This is the fourth edtech investment by GSF Accelerator, who has been betting big on the sector. Just last month, GSF had announced its investment in Codingal, the community-based, experiential online coding platform. It has previously funded players like Quizziz and Flintobox, who are backed by VCs like Nexus Venture Partners and Lightbox Ventures.
“Krayonnz sees strong tailwinds in the higher education market, with the growth of students who are overworked and come from low-income households. Furthermore, looking at the grassroots, the majority of students lack the monetary resources to pay for coaching centres, tutors, and even online courses. This is the reality, and because Krayonnz can provide an affordable solution and the economics can work, it is aligned to serving the real majority of Indian students,” GSF Accelerator’s Rajesh Sawhney said.
Edited by Anju Narayanan