Lucknow-based edtech startup EduAce Services has raised $1 Mn (about INR 6.6 Cr.) in seed funding from Delhi-based mobile Internet company MoMagic Technologies.
Founded in 2012 by Gaurava Yadav and Kalpana Singh, EduAce Services, uses quizzes to teach students and has ‘School Quiz League – Pratibha Ki Khoj’ as a flagship programme.
The startup derives its revenues from workshops and mentoring programmes for students called G-QAT-based around general knowledge and aptitude tests. Besides, it is also looking to launch workshops for teachers called GURU next month.
“We have a unique format. General knowledge is a part of the curriculum till class 8th and after which it is left to the student to pursue, even though current affairs is a major segment in many competitive exams. This is what we want to change and bring in quizzing as an active form of learning,” said Gaurava Yadav.
The raised capital will be used to add more learning programmes and expand its operations pan India.
Currently, EduAce services are available in three states including Uttar Pradesh, Madhya Pradesh and Delhi-NCR (total 25 cities), covering about 2,500 schools. And now, it intends to reach 7000+ Schools and 15 States by 2017. The company will focus on tier-II and tier-III cities as quizzing opportunities are often few in these places.
Noida-based MoMagic works across widely used mobile platforms and in the area of mobile Internet services, offering technology-backed innovative and analytically-driven marketing solutions to enterprises, startups and ecommerce players as well as better reach and service to customers.
This partnership will help EduAce to enter the online space through customised offerings for mobiles and tablet, said Yadav.
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