Edtech startup Early Steps Academy has raised $1.2 million (about Rs 8.8 crore) from companies including BEENEXT, Whiteboard Capital and Taurus Ventures, the company said in a statement.
The company said the funds will be used for content research and development (R&D), technology advancement and team expansion.
The startup, founded by Sneha Biswas in 2021, focuses on a case-based live learning platform for students between the ages of eight and eighteen. This is done with the aim of developing their knowledge base in more than 1,000 topics such as entrepreneurship, aerospace, climate and blockchain, the statement said.
Headquartered in Bengaluru, the platform currently operates in seven countries, including the US, Middle East and India.
“The 21st century world is changing faster than ever, and children around the world are receiving the same subjects (math, physics, chemistry, etc.) with little to no changes to curriculum and pedagogy. We at Early Steps believe that those who are exposed to real world knowledge and skills early on do much better in life than those who don’t,” said Sneha Biswas, founder and CEO of Early Steps.
BEENEXT invests in early-stage tech startups targeting new digital platforms powered by data networks. Since its inception in 2015, the team has invested in more than 200 companies worldwide.
India’s edtech market has witnessed frantic financing and mergers and acquisitions (M&A) since the start of the coronavirus pandemic last year.
This week, VCCircle reported that Amsterdam-based Global University Systems has acquired a 100% stake in Indian education company Edvancer Eduventures Ltd, which offers online certification courses in data science.
Local edtech platform Vidyakul has raised an undisclosed amount in a funding round from Dholakia Ventures and other angel investors. Similarly, Bengaluru-based ForeignAdmits has raised Rs 3.5 crore in a seed funding round led by Unicorn India Ventures.
Earlier this month, Graphy, owned by the Unacademy Group, acquired edtech platform Spayee for $25 million.
In July, Teachmint Technologies Pvt Ltd, focused on teacher and student connectivity, raised $20 million (Rs 149.4 crore) in a pre-Series B funding round led by global edtech-focused VC firm Learn Capital.
So far in 2021, three edtech companies have become unicorns, bringing the total number of such startups in the country — valued at over $1 billion — to five.
Executive education platform Eruditus and higher education startup, upGrad, became unicorns in 2021, with Vedantu being the latest edtech company to join the club in late September after raising $100 million in a Series E round led by the in Singapore-based impact investor ABC World Asia.
India’s edtech sector is expected to grow at a CAGR (compound annual growth rate) of more than 15% from $2.8 billion in 2020 to $30 billion in 2030, citing a BLinC Investment Management report, which India also reported. considers the world’s most active edtech market.