[Funding alert] Mumbai startup HobSpace raises close to Rs 1Cr in Pre-Series A1 from Inflection Point Ventures
Inflection Point Ventures., the Mumbai-based extra-curricular activities platform, on Thursday said it has raised around Rs 1 crore in Pre-Series A1 round led by angel investment platform
Earlier in October 2020, the Mumbai startup closed Rs 3.3 crore seed round from Artha Ventures, Angel List, and others.
According to an official statement, the funds will be used to multiply HobSpace's offline centres to reach out to the top towns over the next three years.
Co-founded in 2019 by Priya Goel Sheth and Harsh Jain, HobSpace is a platform for online and offline extra-curricular activities for kids aged 3-14 years. Later, the duo was joined by Bhaskar Raju Konduru as the third co-founder.
Speaking about the new development, Priyal Goel Sheth, Co-founder of HobSpace, said,
“IPV has provided us with tremendous support since our first engagement. One thing that we always stress upon at HobSpace is having great partners who can guide and mentor us while we build and scale this exciting model. With the large investor network at IPV, we have been able to learn many things from a very diverse group. IPV team has spent a lot of time with us to deep dive on business metrics and achieving efficiencies.”
Priya Goel Sheth, Co-founder, HobSpace
HobSpace intends to transform the under-utilised school buildings, playgrounds, clubhouses, and community centres into educational playgrounds and hobby centres with diverse after-school activities. The platform has students from India, UAE, Singapore, and South Africa.
Commenting on the recent fundraise, Mitesh Shah, Co-founder, IPV Capital, said,
“With education moving online, children are increasingly finding it hard to carve out their playtime. Even parents are worried about it, and HobSpace, which has a mix of offline and online activities for children, makes their model quite attractive to us. Given the pandemic, HobSpace still logged 33 percent growth in subscriber base month-on-month. We also liked their focus on unit economics and business viability.”
Started in 2018, IPV has so far invested more than Rs 100 crores across 50+ startups.