Chennai-based edtech startup, Harness Handitouch has raised undisclosed amount in its Series A round of funding from Luxembourg based Armat Group. With the funding, its existing investor, ah! Ventures has registered its first exit, ah! had invested INR 1 Cr. in Harness through CLUB ah!, its angel investment network in 2012.
All the 12 existing investors have exited in this round; including 9 of ah! Ventures investors.
“I always had confidence in Subbu and his capabilities from start and it has turned out really good for us and our investors. All our investors have got profitable exit within 2 years of their investment. I think this may be the fastest profitable exit by any Indian angel investor network till date. Subbu and ah! Ventures team have worked very closely to get this exit possible for all our investors. Our focus in future will be to have many more such exits and to achieve that, we plan to invest in very high quality startups. Hopefully this will increase investor confidence and we will achieve our goal of creating many more angel investors in Indian ecosystem” says Abhijeet Kumar, Founding Partner, ah! Ventures.
Founded in 2011 by Subramanian Viswanathan, a former McKinsey & Company consultant and IIT, Madras & ISB, Hyderabad alumni, and Kuljit Chadha, Harness Handitouch is an education and learning company that aims to build products that enhance teaching experiences and learning outcomes across geographies, age-groups and segments. The company presently caters to over 10,000 learners and teachers in over six countries.
Sector agnostic investment group, ah! Ventures has around some 10 startups in its portfolio including Catapooolt, UFaber, Ketto besides others. Recently, Itraveller had also raised INR 6 Cr. in Series A through it. The venture fund plans to continue its investment streak, but now, by investing greater sums.
Going further, ah! Ventures will be investing in about 10 to 15 startups this year with ticket size of around INR 6 Cr, ($1 million). “We are targeting to have many more such exits in near future and we shall be doing so by investing into high quality startups and entrepreneurs,” Abhijeet said.