Mumbai-based venture capital firm Sixth Sense Ventures has reportedly invested an undisclosed amount in Delhi-based edtech startup Eupheus Learning.
According to reports, the venture capital firm had also invested in the startup earlier this year, in March. With this, Sixth Sense Ventures, which focuses on early-stage consumer-focused companies, has become the owner of an about 44% stake in the startup.
Including this investment, Sixth Sense’s total investment in Eupheus is at present pegged to be between $2.04 Mn and $2.45 Mn (INR 15 Cr–INR 18 Cr).
The startup is also aiming to expand over 4000 schools across India by March 2019.
Eupheus: Bridging The Classroom-Home Learning Gap
Eupheus Learning was founded in 2017 by Sarvesh Shrivastava, Rohit Dhar, Ved Prakash Khatri, and Amit Kapoor.
The company aims to close the gap between classroom and home learning by offering technology-led solutions in the Pre-K to Class XII market.
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According to reports, Eupheus has already partnered with publishers and edtech firms to provide differentiated tech-enabled solutions to more than 1,500 ICSE and CBSE board schools in India. Some of the schools it has been working with include the Narayana Group of Educational Institutions, the GD Goenka Group, and the Delhi Public School Society, among others.
While speaking with ET, Sixth Sense Ventures’ founder Nikhil Vora said that the startup is also planning to introduce global programmes in schools across boards and classes as it seeks to partner with the board which administers the Test of English as a Foreign Language (TOEFL) examination.
The platform had also raised an undisclosed amount of funding in March from Sixth Sense with an aim to expand its presence to south India.
Edtech Market In India
According to a report by the India Didactics Association, the online education industry in India is projected to grow almost eight times to hit $1.96 Bn by 2021. The industry is currently valued at $100 Bn.
The report also stated that the number of paid users in the segment is expected to grow six-fold to reach 9.6 Bn by 2021.
Edtech companies use technology to solve problems with the help of artificial intelligence (AI), machine learning (ML), and big data. With the projected growth in this segment, several edtech startups have come up and are trying to make their presence felt in the space.
What makes Eupheus Learning different is the audience that it caters to. While most other such startups offer technical courses, Eupheus focuses on school students.
However, it is not the only player catering to the K-12 learning space. There are others such as LogicRoots, BYJU’s, IMAX Program, and Vedantu as well.
In March, BYJU’S was announced as the 13th Indian startup to join the unicorn club. Further, BYJU’s was reportedly in talks with SoftBank and other investors to raise a funding of $200-250 Mn for global expansion.
As a part of its expansion plans, it also acquired maths learning startup, Math Adventures for an undisclosed amount, this year.
With an increasing number of startups developing technology-enabled offerings and looking to scale up their presence in India, one can expect positive growth in the edtech market in the coming years.