Pune-based edtech startup Rubix108 Technologies has secured $1 Mn Pre-Series A funding led by Polaris Fund. Ayush Kankariya, an HNI and financial services expert, also participated in the round.
The deal was structured by Mumbai-based financial and business advisory firm Creago Advisors.
As per the official statement, the funding will be utilised to facilitate customer acquisition and enable seamless communication at the school and college levels.
Rubix108 Technologies will also be spending a portion of the fresh capital from Polaris Fund to further penetrate the markets in Malaysia, Indonesia, Sri Lanka, and the Middle East.
Commenting on the development, Manish Harodia, co-founder and CEO of Rubix108 Technologies said, “The funds will be used to prune the product and augurs well for the huge demand we are witnessing from international clients. We aim to treble the customer base this year and increase the top-line ten times. Proactively identifying solutions to make the educational institutions more productive is one of our key drivers.”
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The Growth Story Of Rubix108 Technologies
Founded in 2015 by Anmol Chhoriya, Botlab Robotics founder Rahul Kankaria, and Manish Harodia, Rubix108 Technologies is a Pune-based edtech company that has built an interactive and collaborative platform for the entire education ecosystem, including teachers, parents, administrators and merchants, among others.
The startup’s mobile app is an integrated and comprehensive communication and management solution that enables education institutions to address the needs of all key shareholders such as teachers, students, parents and institute management.
Its suite of products includes RubixTeacher, RubixPower and RubixTotal. The company has more than 300K students on board, along with over 10,500 teachers and 600 schools. Rubix108 Technologies also boasts more than 100K app downloads.
As stated by Manish, the edtech startup is actively looking out for schools to enable them to move up the technology ladder and make India a truly digital education ecosystem.
What’s Been Happening In The Indian Edtech Space
In 2017, the country’s education market underwent substantial growth, with a lot of startups expanding into tier II and tier III cities in order to create a social impact. Instead of focussing on the academic curriculum, a number of startups are now working to provide personality development and career counselling services.
Online education in India will see approximately 8x growth in the next five years, says a recent report by Google, KPMG. This will have a significant impact on the edtech market that has a potential to touch $1.96 Bn by 2021 from where it stands now i.e. $247 Mn.
As per Inc42 Datalabs, the sector this year saw a total infusion of $165.5 Mn through 48 deals till November 2017 and the funding amount was almost similar in 2016.
Among the startups that raised fundings recently are Univariety ($1.9 Mn from Info Edge), Bengaluru-based online edtech platform Springboard ($9.5 Mn), elearning firm Meritnation ($5.8 Mn from Infoedge), Toppr ($6.92 Mn from SAIF Partners and others) and many others. As part of one of the biggest edtech acquisitions in November, Bengaluru-based edtech firm AEON Learning took over Acadgild in an all-stock deal worth $10 Mn.
Having raised Pre-Series A funding from Polaris Fund and others, Rubix108 Technologies is looking to expand its geographical reach to emerging edtech markets in Southeast Asia and the Middle East.