Edtech firms in India surging ahead

While Springboard raised $11mn in funding, in a post series A round, Embibe has acquired a 90.5% stake in Funtoot.

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With the online education sector reported to have the potential to touch $1.96 billion in the next two years, online education technology startup, Springboard, has managed to raise $11 mn in a post-series A funding round. The San Francisco and Bengaluru-based digital learning company will be using the funds to expand its operations and launch more courses in design and software engineering.

The investors were led by Reach Capital. Others who participated were Pearson Ventures, International Finance Corporation (IFC), as well as returning investors, Costanoa Ventures, Learn Capital, and Blue Fog Capital.

The workforce upskilling edtech company, which was launched in 2013, has 130 employees, and plans to hire at least 70 more in the next few quarters. It will be collaborating with Microsoft to train about 5000 students and also provide them jobs in the analytics space in the next three years, through its Data Analytics Career Track platform. While Microsoft will offer content and tools, Springboard will provide mentorship and support.

Founded by Gautam Tambay and Parul Gupta, the startup offers online courses and extensive mentor-based learning for early and mid-level professionals in data science, UX design, digital marketing, and other technology areas. Till now, it has been able to raise $20 Mn in funding.

Meanwhile, Embibe, another edtech company, which is backed by Reliance Industries, has acquired 90.5 per cent stake in Funtoot, for Rs 71.64 crore.

Through this second acquisition this year, Embibe will be able to develop its platform faster. It has already built an artificial intelligence-based edtech platform that uses data analytics to provide personalised learning outcomes to its students. 19-year old company, Funtoot, has been developing online learning products for K12 students. It offers modules for practice, testing and analysis for maths and science.

Embibe is also expected to invest an additional Rs 10 crore in the next two years, which will increase its shareholding to 100 per cent. Earlier this year, it had acquired 100Marks, the medical entrance exam training portal.

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