[Funding alert] Edtech startup Practically raises $5M from NB Ventures, Earlsfield Capital, others
, a Hyderabad-based interactive and immersive learning app, has secured a strategic investment of $5 million.
The investment round was led by NB Ventures (UAE), Earlsfield Capital (UK), Almoe Group of Companies (UAE), and Ncubate Capital (the investment arm of The SAR Group) in the run-up to raising Series B funding early next year.
The startup will leverage these investments to expand its operations across India, the Middle East and South East Asia with a focus on marketing, product development, scaling up the business and sales verticals, and driving tactical hiring to consolidate its foothold in the edtech sector.
It has previously raised $9 million funding from prominent investors like YourNest Venture Capital, Exfinity Ventures, and Siana Capital, and with the current round, the total investment raised stands at $14 million.
Speaking on the development, Charu Noheria, Co-founder and COO, Practically, said,
“We are excited to welcome a new group of investors, as we gear up for the Series B fundraise in the next few months in a bid to make Practically a global brand. The Practically app has also enabled continued experiential learning for 1.5 million students since its launch during the first lockdown. This strategic investment not only re-establishes investors’ faith in the business but also gives us the stimulus required to enhance learning outcomes in students and empower teachers.”
Founded in 2018 by Subbarao Siddabattula, Charu Noheria, and Ilangovel Thulasimani, Practically uses Augmented Reality (AR), simulations, and 3D videos for an enhanced learning experience, and caters to students in classes between six and twelve, with a focus on STEM learning.
Within 16 months of the launch, the company claims to have reached the milestone of 1.5 million downloads.
Commenting on the same, Neelesh Bhatnagar, Managing Director of NB Ventures said,
“We value this strong and constructive relationship that we have formed with Practically. Edtech has been an extremely important space for us and we believe in working with brands that are committed to revolutionising this industry. We are supportive of Practically’s vision and firmly believe that through their high-end solutions they will continue to make learning a happier space for students. We look forward to this association getting stronger as they deepen their commitment to the community of educators and students in the forthcoming year.”