Gurgaon-based edtech startup Uolo has raised $22.5 million in a Series A funding round led by UAE-based VC fund Winter Capital, along with the participation from existing investors Blume Ventures and the new Dubai-based fund Morphosis Venture Capital.
Prior to the current round, the startup had raised Rs 20 crore in a seed round from Blume Ventures.
Uolo said it offers affordable parent-teacher communication software and an ERP management solution to private schools. The startup also provides an open architecture platform which allows third-party education publishers and content creators to develop physical learning programs for K 12 schools and students.
These programs usually come with a book, which the teacher uses during classes, as well as digital activities for students to complete at home. Students use a parent or guardian’s smartphone at home to complement their in-school learning, it said.
“The truth is that, after a few hours of play, rest and mandatory school homework, K 12 students do not have much time left. The edtech solutions need to build on top of the six hours spent in school daily and magnify the outcomes by leveraging the smartphones available at home. The lack of alignment with school, together with exorbitant pricing, is causing edtech companies to falter”, said Pallav Pandey, co-founder and chief executive of Uolo.
The startup claims to have partnered with over 8,500 schools across India and currently reaches over 3.7 million students. It offers learning programmes in coding and English speaking.
“The first wave of edtech companies in India have proven consumer interest in online education. However, they lacked a cost-effective distribution. We believe that there will be a new generation of edtech companies capable of building organic, low-cost distribution, allowing students to study at $10 per year rather than $10 per hour,” said Anton Farlenkov, managing director of Winter Capital.
Source @Indianstartupnews
