Chennai-based edtech startup focused on kids Flintobox, has raised ₹6 crores ($870,000) in debt funding led by InnoVen Capital, Asia’s leading venture debt and lending platform. The funds raised will be used to expand its domestic presence, and to foray into the international markets like Southeast Asia, and the Middle East.
Flintobox was founded by Arunprasad Durairaj, Vijay Babu Gandhi and Shreenidhi Srirangam in September 2013. The startup aims to foster learning in children from an early age with fun activities. Its flagship product caters to the children from the age group of 2-12, providing an age-appropriate activity-box to engage children in an interactive and constructive way.
Following a subscription-based model, every month a different themed box is sent to the child’s doorstep. These boxes are crafted by experts and child psychologists after a thorough research and they focus on 12 key developmental areas of a child.
The startup has now shifted its focus into the unorganised pre-school segment through its offering, ‘FlintoClass’, which has already reached more than 350 pre-schools across 8 countries, and continues its steady growth.
Arunprasad Durairaj, CEO and Co-founder at Flintobox, said, “Having built a subscription business on strong unit economics that gives us optimal cash flow, debt investment makes a huge impact in scaling business rapidly. We’re excited to partner with InnoVen for its aspiration and capability to support entrepreneurs to build large businesses in India and abroad.”
Other startups focused on the edtech domain competing with Flintobox include Magic Crate, education startup focused on children had raised an undisclosed amount of funding in pre-series A funding. There are many other startups in the education domain including the Indian unicorn and leading edtech startup Byju’s, Unacademy, Embibe, Meritnation and Educational Initiatives, among many others.
Early last month, InnoVen Capital had invested in another edtech startup Eruditus Education, it offers executive learning programmes globally.