Edtech startup ConveGenius has raised $5 Mn in a funding round led by BAce Capital, Heritas Capital and 3Lines Venture Capital for expanding its product portfolio.
The funding round also witnessed the participation of existing investor Michael and Susan Dell Foundation.
Founded in 2013 by Jairaj Bhattacharya and Shashank Pandey, the edutainment startup plans to scale its vision beyond education to all knowledge services and expand globally, targeting 1 Bn households globally, with ConveGeniusAI platform.
The company is also launching a conversational AI platform, ConveGenius AI in India and global markets.
The startup aims to expand its product portfolio on WhatsApp ecosystem and other conversational AI-based channels, to service more customers across different verticals and allow developers to launch their solutions on the platform.
With this latest fundraise, the startup has so far raised $6.2 Mn in three rounds of funding.
The edtech sector in the country has grown tremendously in the past 18 months, and now India has five unicorns. This year alone, we have seen the entry of three edtech startups into the unicorn club i.e. Vedantu, upGrad and Eruditus.
According to Inc42 Plus analysis, in the first three quarters of 2021, Indian edtech startups have raised close to $3.2 Bn in investments.
Given the uncertainty around schools, colleges and other educational institutions reopening, edtech startups are expected to witness growth in user base and venture capital funding.
Further, Inc42 Plus analysis shows that the market size of edtech in India is estimated to grow 3.7x in the next five years, from $2.8 Bn (2020) to $10.4 Bn (2025). Amid the $10 Bn market size, K12 learning solutions are expected to account for 41% of the total edtech market.