Mumbai: FlipClass, a Bangalore-based online marketplace for home tutors that is owned and managed by Gyankosh Solutions Pvt. Ltd, announced on Tuesday that it has raised ₹ 1.5 crore (under $250,000) in funding from LetsVenture, an online fund-raising platform.
The round was led by Hareesh Ramanna, founder of Singapore-based BlueCap Mobile Holdings, with participation from five other unidentified individuals.
The company, which has about 1,000 tutors and 500 students in Bangalore, is looking to use the funds to strengthen its technology platform and expand its operations to Hyderabad. It is also looking to raise $4-5 million in a Series A round of funding to expand to other cities, including Pune, Mumbai and Delhi.
The platform operates in such a way that a student pays a one-time fee for registration. The student is charged anywhere between ₹ 3,000 and ₹ 10,000 per month for tuition depending on the number of hours of study. The tutors receive 20-30% of the revenue the company earns from the platform.
It is looking to clock $150 million in revenue over the next five years. The company provides qualified, background-checked and trained home tutors in Bangalore, which include graduates from the Indian Institutes of Technology, Birla Institute of Technology and Science, Stanford, the Indian Institutes of Management and other prestigious institutes. In addition, it also provides a platform for the parents to check the progress of their children.