Edtech startup, AEON Learning has raised $3.2 Mn in a Series B funding round from MEMG Family Office LLP, a fund set up by Dr. Ranjan Pai, chairman of the Manipal Education and Medical Group.
The edtech startup plans to use the latest investments towards growing business from its university partnerships, and skill programmes. The startup expects to reach a student base of over 100K in the next five years and is currently operating in India and the US.
Commenting on the development, Karthik KS, founder and CEO of AEON Learning said, “The combined and complementary strengths of Avagmah and Acadgild have already positioned AEON Learning at the forefront of the tech-enabled education revolution in India. With a proven track record of successful execution, we are now ready to scale up and serve more users with an integrated portfolio of technology skills and in-demand higher education courses.”
Bengaluru-based AEON Learning was founded in 2013 by Karthik KS. In association with technology partners, the startup offers technology/skill courses to working professionals; helps them upgrade their skills and capabilities.
It claims to have a total student base of 20K spanning across 66 countries. The startup has teamed up with seven leading institutes, universities partners and 36 corporate partners.
Dr. Ranjan Pai, CEO and MD of MEMG said, “Skills gap is a huge roadblock for continuing economic growth not just in India, but around the world. AEON Learning has the right product portfolio and a highly competent leadership team, which is making a difference in the evolving online education industry. The global online education market opportunity is huge, and we are glad to partner and support AEON Learning as they gear up to leverage this opportunity.”
AEON Learning has overall secured $10 Mn in funding including the current round. In November 2017, the company acquired the business of online edtech startup Acadgild, which takes a differentiated approach and offers a hybrid model that combines live classes and an online platform for learning for $10 Mn.
The online education market is expected to touch $1.96 Bn by 2021, a KPMG-Google report released in May 2017 said. Re-skilling and online certification courses currently account for a majority (38%) of the online higher education market, the report added. There has also been a surge in investments in the online education sector, with online skill training startups shifting focus from a university-based curriculum to a more industry-oriented training approach.