Mumbai-based edtech platform Eduisfun has raised ₹200 crores from a number of angel investors and high networth individuals (HNIs), reported ET.
The investors that participated in the funding round included the likes of Bollywood actor Amitabh Bachchan, HDFC Chairman Deepak Parekh, Ogilvy Group’s Chief Creative Officer Piyush Pandey, Russell Parera, who is a partner at PwC.
This is Eduisfun’s first funding round and the fresh capital will be used to expand its scholarship pool while boosting technological updates on its app.
Founded by IIT Delhi alumnus Praveen Tyagi and IIT Mumbai alumnus Jatin Solanki in 2014, Eduisfun is making learning fun and easy for the students through its revolutionary edtech app STEPapp. Its edtech app offers a gamified format to enable students to develop a clear understanding of math and science concepts.
STEPapp eliminates the need for video lectures by using puzzles and games to impart knowledge to the children. Designed for students from both private, central and tribal schools, the app can work on a basic smartphone with low data connectivity. Keeping in sync with the school curriculums, the lessons on the app are mapped to CBSE and ICSE curriculums.
With India’s online edtech market expected to reach $1.96 billion by 2021 from $247 million in 2016, Indian startups have flurried up to revolutionize the space while eyeing different niches.
Earlier this month, it was reported that Byju’s turned a profit of ₹20 crores during FY19, making it the only consumer internet unicorn in India to do so.
Furthermore, in a bid to strengthen its edtech game Mukesh Ambani-led RIL’s Embibe acquired a majority stake in edtech startup Funtoot for around ₹72 crores.