[Funding alert] Digital platform Spardha raises Rs 3Cr in pre-Series A1 round led by IPV

Spardha, a Delhi-based digital platform for learning music and performing arts, on Thursday said it has raised Rs 3 crore in a pre-Series A1 round led by Inflection Point Ventures (IPV), along with a few US-based HNIs.

The digital learning platform was co-founded by Saurabh Srivastav and Amrita Srivastav in 2016. Amidst the pandemic, the platform has grown over 10x in the last 12 months and has over 5,000 registered users and over 1,300 paid users in India and the US.

According to an official statement, the platform will utilise the funds in branding and marketing, expansion of sales and products team, curriculum development and enhancement, digital platform enhancement, and expanding presence in four new international markets, including the UK, Singapore, Canada, and Australia.

Speaking about the development, Saurabh Srivastav, Co-founder and CEO, Spardha, said,

“Success of a startup depends heavily on how fast you can bring required specialised knowledge on-board and channelise it towards materialising company goals. For first-time founders like me, IPV is like a mentor helping us with all their specialised knowledge so that we take the right decisions and maximise the probability of our success."

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"Spardha has a large network of seasoned SMEs across various business functions like product development, marketing, sales, finance, etc., who are willing to extend their support in solving our key challenges,” the co-founder added.

Commenting on the investment, Ankur Mittal, Co-founder, IPV, said,

“Music is a genre, which is driven by hobby and passion. Spardha is tapping into the music-loving audience who wants to learn new instruments and vocals for many reasons. Music improves focus, acts as a meditation tool, and enables us to learn faster and become more creative."

He added, "Spardha has found early adopters in users of all age groups across India and the wide Indian diaspora in the US. Its future plans include expanding both the markets and the product offering to include a wider user base. Spardha has the potential to replicate the success of some of the leading edtech companies, which have similar appeal across other verticals.”

IPV was started in 2018 and plans to invest Rs 155 crore in 2021 across 60 startups.