Edtech SaaS (software as a service) startup Toddle has raised $17 million led by Sequoia Capital India in its Series A round. It also saw participation from Tenacity Ventures and Trifecta Capital along with existing investors Matrix Partners, Beenext, and Better Capital.
With this, the company has raised a total funding of $20 million over three rounds.
Toddle plans to hire for 70 to 80 positions in the next four to five months, the company said in a statement. It recently expanded its product offering to other international curricula such as Cambridge, British, and American, and will soon be launching a product for preschools.
Founded in 2019 by a team of educators Deepanshu Arora, Gautam Arora, Misbah Jafary, Nikhil Poonawala, and Parita Parekh, Toddle is an edtech SaaS startup. The startup’s first product is a teaching and learning platform used by independent schools offering IB (International Baccalaureate) and other progressive curriculums.
According to Toddle, the platform is currently used by over 40,000 educators from more than 1,500 schools, which includes both free and paid customers, in over 100 countries. Besides India, it operates in US, UK, Australia, China, and UAE.
Toddle’s revenue from operations grew nearly 3X to Rs 18.75 crore during FY22 as compared to Rs 6.26 crore in FY21. As per the annual financial statement of the company, its losses also surged 3.1X to Rs 19.45 crore in FY22 against Rs 6.33 crore in FY21.
In edtech SaaS space, Toddle competes with Classplus, Teachmint, and Unacademy’s Graphy.
Edtech startups scooped up $5.8 billion in 2021 which further fell to $2.3 billion in 2022, according to a report by Entrackr. The segment also slipped to fifth from the second position during the period in terms of fundraising.
Source @Entrackr
