SUMMARY
The startup plans to utilise the funds raised to build deeptech capabilities and increase its user base
Founded in 2019, the startup had $1.35 Mn in a seed round funding in March 2021
The company is also planning an international foray going ahead with focus on Southeast Asia and the Middle East
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Gurugram-based edtech startup Questt has raised $6.75 Mn in Series A funding round led by Celesta Capital and Premji Invest.
Chiratae Ventures increased its shareholding in this round and other existing investors including AET Fund, MarsShot Ventures, Titan Capital, and First Cheque continue to remain invested.
The startup plans to utilise the funds raised to build deep-tech capabilities and increase its user base.
Founded in 2019 by Akhil Singh, Mohsin, and Rohit Pande, Questt captures data points for each student, mapping their grasp of concepts, the difficulty level, and cognitive abilities.
Akhil Singh, Co-founder of Questt, said, “Going forward, Questt will enable predictive and adaptive learning to help students pre-empt the problems they might face in the future.”
The startup caters to 200,000 in the country across 400 schools, and aims to reach 2-3 Mn students by March 2022, Singh said.
The edtech startup is also planning an international foray going ahead with focus on Southeast Asia and the Middle East, he added.
Questt’s data pin-points where each student is on their learning journey and helps them navigate to their destination. With this data, the platform generates insights that will help suggest supplementary learning at the concept level in a personalised way.
The startup had raised $1.35 Mn in a seed round funding in March 2021.
The edtech space has witnessed a flurry of investments and acquisitions of late, backed by the demand the sector is witnessing amid the pandemic. The sector already has five unicorns in India. 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.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.