Bengaluru-based edtech startup Verzeo has raised around ₹36 crores ($5 million) in series A funding from a bunch of high net-worth individuals (HNIs), as reported by Inc42.
The funds raised will be used for research and development, marketing, and expansion of its product.
Earlier, the startup raised an undisclosed amount of seed funding in April this year.
Verzeo was founded by Vungarala V Subrahmanyam, a 20 year old, Manipal Institute of Technology dropout, in 2017. The startup leverages AI to provide a technology platform that offers various training courses, conducts hackathons, provides internships, and placement opportunities for students.
The startup has more than 14,500 certified graduates, along with more than 43 mentors with over 60 courses on its platform.
Programmes provided by the company include Artificial Intelligence, Azure Cloud Computing, Blockchain Technology, Cyber Security, Web Development, Machine learning with Python, Augmented Reality, Virtual Reality, Technology-based programs, share Point, Power PI, Selenium, DLSI and 50 stimulating courses in collaboration with Microsoft Corporation as their authorised education partner.
The startup aims to reach more than 300,000 students in the country through its platform by the end of 2019. It has also partnered with a number of educational institutes in tier 2 and tier 3 cities to reach students in smaller cities and enabling their educational and professional careers.
Indian education industry is expected to reach $100 billion by 2019, making it a lucrative industry. India already has the second largest e-learning market in the world, only behind the US. With an additional boost in the education sector by the government, the industry is helping the Indian youth to access quality education at affordable prices in remote areas.
Other players in the edtech domain include the Indian edtech unicorn Byju’s, Unacademy, UpGrad, Simplilearn, and Embibe, among many others.
The education industry is getting bigger and more competitive as more startups look to leverage the opportunity, benefitting the Indian students with skill building.