Noida-based online scholarship providing platform Buddy4Study has raised around $3 Mn in Series A funding round. The funding was led by existing investor CBA Capital through its $15.6 Mn Education Catalyst Fund or ECF.
The startup will use the newly raised funding to scale up in a major way and expand its operations significantly. Last month, Buddy4Study also raised an undisclosed amount of funding from ECF.
“Technology is proving to be a game-changer in the education sector. With the government providing a massive digital push in the same segment, it is only opportune to multiply our efforts and develop more innovative products to provide end-to-end financial aid to students,” added Manjeet Singh, Co-Founder and Co-CEO of Buddy4Study.
Buddy4Study was founded in 2011 by six co-founders including Manasvi Singh, Manjeet Singh, Ashutosh Burnwal, Mohit Bhambri, Anirban Chatterjee and Raj Kishor. The startup works with the objective to create a digital platform where it can connect scholarship seekers with scholarship providers.
The company has developed technology-based solutions for students through which students can find, screen, apply and track their application for many national and international scholarships.
“At Buddy4Study, we have constantly transformed the scholarship landscape in India ever since its inception. We are committed to making scholarships accessible and simple for students and CSR implementation in the field of education the most preferred domain for corporates”, said Manasvi Singh.
As of June 2016, the startup has already facilitated more than $767K (INR 5 Cr) worth scholarship to 6500 students and it further aims to facilitate $15.3 Mn (INR 100 Cr) scholarships to 10 lakh students in the country.
ECF’s mission is to support 15 entrepreneurs dedicated to providing solutions for imparting education and skills training to individuals and professionals from the low-income segment, as in households that earn less than $12 per day. It is also the first multi-investor fund to focus exclusively on affordable education, jobs & livelihoods opportunities in the country. The investors include Gray Matters Capital (GMC)and a few private investors in India.
Apart from Buddy4Study, CBA Capital has also invested in two other tech startups including Simulanis, and Kopykitab.