Learning platform 90+ My Tuition app announced that it has raised $5 Mn in a Series A funding round from Pearl Investment LLC , a Dubai based business group.
The company will deploy the funds raised in market expansion, brand building, and product development across key cities in India.
With the start of lean operations in 2018 and launch of classes in May 2020, 90+ My Tuition provides coaching to state board students studying in standard 5-12. The app also helps parents track the progress of their children, using the ‘Parents Corner’ feature. The company was founded by Vingish Vijay.
90+ has recently launched its second product 90+ Top Rank for students aspiring for competitive examinations. Its first initiative is coaching for PSC aspiring students in Kerala. The upcoming modules will be for training SSC and Railway aspirants.
“The growth potential for online primary and secondary education is projected to grow at a CAGR of 60% to $773 Mn by 2021 according to Online Education in India: 2021 report by KPMG. The growth has been driven by changing consumer needs wherein students are looking for interactive content at affordable prices. This change in consumer need has been fueled by access to smartphones and increasing internet penetration, especially in Tier 2-3 cities of India. Our aim is to digitise tutoring, for that we are providing focused textbook oriented animated video content. Students generally are afraid of scoring in Math and Science but we want to change this perception by making these subjects easy to learn using animated content that imprints on the young minds,” said Vingish Vijay, cofounder and vice president of 90+ My Tuitions App.
Commenting further on the edtech sector, Azmal Jaleel, CEO at Pearl Investment LLC added “We are in the midst of an edtech revolution and the pandemic has accelerated the adoption of technology in education overnight.”
With the outbreak of Covid-19 in India, though, private and public schools have struggled to facilitate classes with the limited number of online resources available. Naturally, this opened up new frontiers for edtech startups in the Indian market, especially the ones looking at the enterprise or B2B segments.
This sector has also been one of the fastest growing sub sectors of the edtech market. According to data from DataLabs By Inc42 The Future Of India’s $2 Bn Edtech Opportunity Report 2020, it has been growing at a CAGR of 64% since 2016.
According to Inc42 Plus estimates, edtech startups raised more than $1.43 Bn across 101 deals between Jan 1 and Dec 17, 2020, witnessing a whopping 223.2% rise compared to the previous year. Interestingly, edtech was not even considered among the top five segments a year ago when it came to fundraising or deal volume. Inc42 Plus estimates also reveal that edtech was among the least-funded segments in 2019, with 46 deals in its kitty.