Edtech startup TagHive has raised $2.5 Mn in a Series A funding round led by South Korean alternative investment firm Forest Partners. The startup plans to use the funds to ramp up technology upgrades and expand its local teams in India.
Founded in 2017 by Pankaj Agarwal, TagHive aims to improve classroom learning with smart technology. Its product ‘Class Saathi’, is an AI-based clicker solution created to improve student engagement and participation in the classroom.
Class Saathi consists of a clicker for each student and a mobile app for the teacher. Teachers can use the mobile app to look at classroom content and ask quick quiz questions. Students can then respond to the questions with their individual clickers, allowing teachers to access the answers in real-time to see which students need more personal attention.
The relatively affordable solution does not require schools to upgrade their infrastructure as it functions via Bluetooth, without the need for an electricity connection. According to the startup, it has already partnered with the Uttar Pradesh and Madhya Pradesh state governments to launch the technology in more than 2,200 public schools across the two states.
“We are confident and highly impressed by TagHive’s team and ability to execute its plans to deliver much needed smart learning tools to public schools across India,” said Alex Seung Han, founding partner of Forest Partners.
“This deal marks our first foray into India and is well-aligned with our strategy to invest in disruptive companies with potential for global expansion,” he added.
According to Inc42 data, in 2021 alone, Indian edtech startups have raised close to $5 Bn in funding, including the Term B Loan funds ($1.2 Bn) raised by BYJU’s. And if we look at overall funds raised by edtech startups between 2014 and 2021, it stands at $8.1 Bn.
Last week, Indian edtech startup Adda247 had acquired Union Public Service Commission (UPSC) exam-focused edtech startup StudyIQ for $20 Mn (INR 150 Cr) in a cash and stock deal.