Bengaluru-based early childhood education startup Kreedo raised $4 Mn (INR 33 Cr) Series A funding round led by Heritas Capital and UBS Optimus Foundation
The startup plans to use the funds to enhance its product offerings and expand into new geographies in India.
Kreedo aims to take its programs to over 7,000 schools across multiple cities.
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Kreedo plans to use the fresh capital to boost its product offerings and expansion
“With the current round, we will take Kreedo to more geographies in India. With incoming demand from our school partners, we also plan to extend our product offerings moving upwards to Grades 3-5, and enhance Practico, our digital home learning platform,” said Mridula Shridhar, cofounder of Kreedo.
Founded in 2012 by Shridhar and VK Manikandan, Kreedo partners with affordable private schools and preschools to transform early learning delivery.
It uses a 6T learning framework that integrates play-based learning with toys, technology, theory, teacher training, timetable, and teamwork.
Over the last two years, Kreedo claims to have doubled its revenue, expanded its reach to 1,700 schools/preschools, and increased the number of children benefiting from its programmes from 55,000 to more than 1,40,000.
It is pertinent to note that the Indian edtech sector is undergoing a funding crunch.
Unlike the tendency shown by VCs and PEs before the pandemic wherein they infused billions of dollars during the height of the pandemic, the segment has witnessed a waning interest of the investor as the schools and colleges opened post-lockdown.
Besides this, a slew of issues within the startups in the sector made the matter worse. This issue included heavy cash burn, mounting losses, and weak governance guardrails, among other issues.
Not to mention, the space was among the leading sectors in laying off the most number of employees over the past two years.
Even on the financial front, the sector’s heavyweights like BYJU’S, Unacademy, and UpGrad continue to post heavy losses, and names like Udayy, Supen Learn, and DUX Education have shut down operations in the last two years due to the funding crunch.
According to an Inc42 report the Indian edtech market opportunity is estimated to grow till $29 Bn by 2030.
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