Mumbai: Mumbai-based education technology company Genext Students Pvt. Ltd Wednesday said it has raised Rs.1.4 crore from 1Crowd, a crowdfunding portal run by Zeva Capsol Pvt. Ltd.
“The funds will be used to accelerate product-technology development and enhance our marketing efforts. We also plan to strengthen our core team. We are all geared up and determined to achieve rapid growth in coming months,” Genext co-founder Ali Asgar Kagzi said in a statement.
Crowdfunding websites are portals on which projects can raise funds from a crowd of individual investors. This is the first part of the company’s target to raise $1 million.
Founded in 2013 by Ali Asgar Kagzi and Asad Daud, Genext Students offers a combination of private home tutoring and technology-enabled learning for national and state level educational boards such as Central Board of Secondary Education (CBSE), Indian Certificate of Secondary Education (ICSE), Maharashtra Board, Rajasthan Board and Uttar Pradesh Board in English as well as Hindi. It has over 600,000 users and more than 700 tutors on its platform, as per the statement. The company also plans to have a pan-India presence in the next few years.