An interesting edtech startup announced a funding of USD 1 million
Let us talk about the edtech industry and the startups working in it. We all know that COVID 19 had a very negative impact on the functioning and value of the economy of the world. Almost all the industries were seriously affected, many businesses were permanently closed because there was no activity of customers, investors. But in particular, two industries took birth earlier but proved themselves during this time.
They attracted a lot of new customers, became the favorite of the investors, and whatnot. These two industries were the edtech and the fintech industry. Edtech industry stands for education + technology, whereas fintech industry stands for finance + technology. Both these industries are engaged in bringing innovation, a change in the old traditional industry with the help of technology.
Let us now come to the edtech industry. As explained above, the edtech industry stands for education+ technology. It refers to the combined use of hardware, software, and basic education to promote education and learning. If we in particular talk about the word edtech, it can be referred to as those companies that have their focus on creating educational technology.
Gone are the days of old computers, now is the time of new tablets and IPads. Now is the modern time when students can learn from any part of the world and at any time of the day. Technology has given a luxury to a student sitting in the comfort of his home in a small town of the country to learn from the best teachers of the world, thus bringing everyone together and collaborating with them.
The world is growing so quickly, every day there is a new invention happening. Our country is also moving ahead, we are progressing with each day. Our students are also experiencing a shift towards the “new” trend, which is online education.
The edtech industry of the country India was of the value USD 750 million in the year 2020 and is predicted to reach USD 4 billion by the year 2025, thus growing at a CAGR of 39.77%. The startups working in the Indian edtech industry have raised more than USD 1.43 billion in more than 100 deals in the year 2020, thus edtech became the most funded sector in the country during that time.
The highest funding in the year 2020 in the edtech industry was conducted by Byju’s, which was around 57% of the total funding, then came to the startup Unacademy, which was around 10.5%, and then Vedantu, which was around 9.5%. These three startups are even the biggest names in the Indian edtech industry. Byju’s has a value of more than USD 21 billion and thus has become the most valuable edtech startup in the world.
Let us now have a conversation on the funding of an edtech startup that has taken place recently. Last week on March 03, 2022, another edtech startup had announced its round of funding. The startup, Filo had declared that it had raised funds worth USD 23 million in a round of funding that was led by Anthos Capital. The other investors of that round of funding were Better Capital, GSV, Sapling Capital, and many others.
Announcement of funding of an edtech startup
The edtech startup, Mentor Match had raised funds worth USD 1 million, as announced on March 10, 2022. This round of funding that has occured is the pre-seed round of funding and was led by Sapient Fund, which is a seed-stage VC fund based in the US and is led by Karthik Sundaram.
Any details and further information related to what the startup is planning to do with the funding received have not been disclosed by the startup.
About the edtech startup that has announced its funding
The edtech startup, Mentor Match was founded by Rohit Raheja, Sachit Dugar, and Rayhaan Shaik, and has its headquarters in Chennai, Tamil Nadu. Rohit Raheja is the CEO of the startup, Rayhaan Shaik is the CMO of the startup, and Sachit Dugar is the COO of the startup. The startup is a self-study platform that provides assistance and help to the students of classes 8-12 by instantly connecting them with expert mentors through a 1 on 1 video call.
The startup is of the vision to create something utterly unique and different. A mentor for every learner’s needs, anywhere at any time. The startup is of the mission to share and grow the world’s knowledge through human interactions. Now a question that is likely to arise is how the platform works?
The steps on how the activities are conducted on the platform are explained below-
Step 1- Take a photo of the question which the student wants to learn
Step2- After submitting the question, the student is connected to a mentor instantly
Step3- Then it is ensured that all the students gets his all the concepts and doubts clear on 1 on 1 call that is arranged with the top mentors of the startup in a meeting
Step4- Then post the call, the student also receives a photo of the written solution
The reasons for choosing this platform are-
- All the doubts of the students are solved quickly and instantly
- Unlimited number of doubts can be asked for free
- 100% personal attention
- Students can study at their own pace
- One source for all the doubts of the students
- A step-by-step explanation of the solution is given
The platform of the startup can be used for the following purposes-
- Doubt solving
- Homework Help
- Exam Preparation
- Concept explanation
- Numerical solutions
The startup has more than 1500 students across more than 14 boards being helped by more than 100 mentors.
The startup has its focus on creating something which is untapped and is the need of the day. We wish the startup a bit of good luck and pray it has a successful and prosperous future ahead!
edited and proofread by nikita sharma