[Funding alert] Edtech startup Tinkerly raises Rs 6.5 Cr led by Navneet Education, others
, a Jaipur-based edtech startup, has raised Rs 6.5 crore in a round by Navneet Tech Ventures (a wholly-owned subsidiary of Indian publication and content provider Navneet Education Limited (NEL).
With this round, the total funding raised by the startup has reached Rs 10 crore. The round witnessed additional participation from the existing investors SucSEED Angel Network, Keiretsu Forum, Divyashish Jindal (Head of Academics at), Chand Das (Former CEO of ITC Education), Saurabh Aggarwal (Co-founder , Acquired by ), Marwari Catalysts, and others.
Skwerup Capital Partners has advised the company in this transaction.
The startup will use the funding in product development, increase consumer awareness, and expanding in new geographies with vernacular content, with the aim of creating a strong global (global with localised enhancements) brand.
Founders (L-R): O.P. Godara, Vivek Pathak, Kapil Arya and Sharad Bansal
Commenting on the funding, Ketan Gala, Director, Navneet Tech Ventures, said,
“Every child’s hope and dreams have no boundaries. Tinkerly's child-oriented approach towards coding harnesses this enthusiasm and successfully channels it towards a productive learning experience. Programmes like these assist in the development of reasoning and analytical skills. Tinkerly’s approach is in the right direction and ensures that our children are future-ready, and as a Company, they are taking a leap in the right direction as well.”
Tinkerly claims that its monthly revenues have grown 8X in the past three months since the launch of the new version of its learning platform Let's Tinker in April of this year.
The platform has 50,000+ online learners who have consumed over 300,000 hours of learning. Its existing reach in 6,000+ schools and 100+ learning centres allows the startup to acquire 60 percent of its users from organic channels at near-zero CAC.
Tinkerly’s Co-founder and CEO Sharad Bansal added, “The fresh capital will multiply our efforts to rapidly grow the online user base and invest in technology. Tinkerly’s unique (Kit + Live Class) courses combined with Navneet, India’s most loved education brand that carries a 6-decade old legacy, will set new benchmarks of learning outcomes and spark the joy of making among students across the globe.”
Prior to COVID-19, exposure to robotics or coding was limited to students studying in less than one percent of total Indian schools, the startup said. With the adoption of online learning, access to quality learning has been democratised.
Tinkerly’s unique blend of toys and vernacular content enables students to design cool robots, make smart AI gadgets, and write unlimited lines of code alongside the live guidance from teachers in their first language all at one place.
Dhiraj Sinha Kumar, Co-founder of SucSEED Angels Network, said,
“We are proud to be a part of Tinkerly and to support it since we first invested in 2018. It’s great to witness Tinkerly consistently demonstrating its value proposition by using STEM innovatively and helping students to learn and grow. We believe that investment by a large publishing house like Navneet validates the potential of STEM education in India, and with re-opening of schools, its growth will further strengthen.”