An exciting edtech startup announced a funding of USD 2 million
Edtech industry, the sector which is growing so fast!! Another startup in this sector announced its funding.
Let us talk about the edtech sector. Education + technology = edtech sector, which refers to the use of technology in the field of education. Edtech also refers to the bringing of new technological advancements in the classroom with the motive to improve and bring betterment in the outcomes of the students, improve the education on an individual basis, and even decrease some burden of the teaching on the instructors. It is the area of digital technology which has its focus on the development and application of tools like software, hardware, and the use of technological processes with the only motive to promote education.
The benefits of the edtech industry are- technology adds fun to the learning, it provides a platform for more immersive learning, it helps in increasing collaboration, it helps in providing customized learning to the students, it helps the students in gaining better skills which help them prepare for the future jobs and many more. The edtech industry is seeing a huge boom in our country in today’s world. One of the major reasons for this is that there is a high penetration of the internet across the country.
According to the analysis done, the edtech sector of the country will become USD 30 billion industry in the next 10 years. Even the New Education Policy of the year 2020 had given a lot of importance to the edtech industry and had recognized its role in shaping the future of education of the country. The current value of the edtech industry of India is around USD 2.8 billion and it is expected to reach USD 10.4 billion by the end of the year 2025. Currently, our country has around 9043 edtech startups and they are growing at an amazing limit.
Let us now talk about the funding of the edtech startup that has taken place recently and has become a piece of big news all over!! Many edtech startups have converted into unicorns. Recently, in the year 2022, Lead School became the sixth edtech unicorn startup, where it had raised USD 100 million in a round of funding which was led by GSV Ventures and WestBridge. The value of the startup after this round of funding had come up to USD 1.1 billion.
Even an education-fintech startup, Propelld, had announced its round of funding on February 19, 2022. The startup in its round of funding had raised USD 35 million in its Series B round of funding which was led by WestBridge Capital. The other investors of that round of funding were Stellaris Venture Partners and India Quotient.
Announcement of funding of the edtech startup
The startup, Bhanzu has raised funds worth USD 2 million, as announced on February 24, 2022. This round of funding that has taken place and we are talking about is part of a seed round of funding and was led by Lightspeed. The other investors who took part in this round of funding were the angel investors and founders of the startups of the country. The list included Uni Chief Executive Nitin Gupta, founder of CRED, Kunal Shah, former managing director of Helion, Ashish Gupta, and founder of Unacademy, Gaurav Munjal.
The startup plans to make use of the funds raised in scaling up the live classes of the startup in various different geographies around the world like the US, Canada, the UK, and the Middle East. The startup also has plans to use some amount of the funds raised in fastening and accelerating its process of hiring across the tech and product teams.
About the edtech startup that has announced its funding
The edtech startup, Bhanzu was founded in the year 2020 by Neelakantha Bhanu Prakash, Prachotan DL, Uday Kiran, Krishnakanth, and Srinivas Jonnalagadda. The startup is engaged in offering a curriculum for learning the subject of Mathematics. The startup is of a belief that Maths is the center of the learning universe. The vision of the startup is to eradicate global math phobia and change the way students perceive math for a better world. The mission of the startup is to make an impact on the lives of millions of children by channeling their curiosity for an unforgettable learning experience.
The startup hopes to encourage careers in maths and STEM fields among learners from across the world. The teaching approach of the startup is as follows-
We build the right skills- The startup creates future thought-leaders, decision-makers by setting up important maths skills for excelling in STEM fields.
We increase relatability- The course of the startup is designed in a way that makes students not only proficient in math but also deeply relate to mathematical concepts.
We promote math as a sport– Just like how a physical sport makes a person fit, mental maths as a mind sport helps people push the boundaries of their minds.
The startup proudly states that it has helped more than 2 million children through social projects with the local state governments in India during the pandemic. The startup has made an impact by more than 5 years of data-driven research, has more than 30K happy students and parents, has more than 1 million teaching hours, has more than 20k hours of gameplay, and has solved more than 2 million questions.
Students have a fear for Maths. They have no idea how important this subject is for the future. The startup by solving this problem is in a way giving its contribution to making a better and wise future. We wish the startup a bit of good luck and hope it has a bright, successful, and prosperous future!
Edited and published by Ashlyn Joy