Bengaluru-based edtech startup Uolo Technologies has raised INR 20 Cr in a pre-Series A round led by Omidyar Network India and Blume Ventures.
With the raised capital, the K12 learning platform plans to expand its team across technology and operations and improve its offerings for school administration and students.
Founded in 2013 by Pallav Pandey, Ankur Pandey and Siddharth P. Singh, Uolo runs an application to help students, teachers and parents communicate online and provides its solutions to over 2,000 schools in India, and counts a million students across 200 cities on its platform.
“Schools as an institution shall continue to play an important role in how our children learn and grow into society. Once the school, teachers, parents and students are digitally connected and this community moves online, it becomes possible to build on top of 6+ hours of daily learning that happens inside the school. In the next 2 years, we plan to bring 20,000 schools comprising 10 Million students to build an active online community” said Pallav Pandey, cofounder & CEO Uolo.
In 2016, it raised around INR 1.4 Cr in seed funding from Purvi Ventures, Sunstone Business School director Rajul Garg, and Vipin Arora. In 2014, Uolo had raised $78K from Ravi Srivastava, co-founder and managing partner at Purvi Capital LLC besides seven other individuals.
Sarvesh Kanodia, principal, Omidyar Network India said “Uolo has established itself as a leading parent-teacher communication platform. Through its low-cost, easy to use product offerings, Uolo is enabling schools to become digital. We are excited to back Pallav and team in their mission to scale the platform to create meaningful outcomes for millions of students.”
Uolo Technology competes with other edtech startups like Remind, Inc., Bloomz, Inc., ClassDojo, Tadpoles, LLC, FreshGrade, Blackboard Connect, Kickboard.
According to Inc42Plus analysis, the edtech market is estimated to grow 3.7x in the next five years, from $2.8 Bn (2020) to $10.4 Bn (2025). During the lockdown, edtech services and products are expected to have an addressable base of 37 Mn-plus paid users by 2025.