Furtados School of Music (FSM) raised ₹20 crore funding from IAN Fund and DSG Consumer Partners on Tuesday.
The music institution will use the funds to expand its presence across major cities in the country.
Currently, FSM has a reach of about 200 schools with over 15 centers across 14 cities. The funding will also be used to scale their technology infrastructure including their app services.
Co-founded by Tanuja Gomes and Dharini Upadhyaya in 2014, FSM aims at making quality music accessible to children of all ages by inculcating music in the school curriculum. The music school currently has over 60,000 students, across 14 cities which include tier 1,2 and 3 cities.
Speaking on the funding Tanuja Gomes, co-CEO & co-Founder of FSM said: “We are now looking to expand our business and reach a student base of over 500,000. We are also looking at enhancing our offering with a slew of initiatives in the pipeline, which will drive our next phase of growth over the next decade."
FSM's proposition includes pre-school content curriculum, music programmes as part of the curriculum in all leading k12 schools, after school learning at centers and home tuitions through their mobile app, said Gomes. FSM draws its legacy from the 154-year-old musical instrument retail chain Furtados, the largest retailers of musical instruments in the country.
“With increasing aspirations of Indian’s, music education is definitely on the rise. FSM does cater to this aspirational and growing customer providing quality music education and we are extremely excited with Tanuja and Dharini’s ambitious plans for FSM," said Padmaja Ruparel, Founding Partner, IAN Fund.