Education technology startup Eupheus Learning is in advanced talks to raise around $10-$15 million for its Series A funding round, which will see participation from a cluster of new private equity and venture capital investors, said a top company executive.
The company’s existing investor Sixth Sense Ventures may participate in the ongoing round, said the executive.
Founded in 2017 by Sarvesh Shrivastava, Rohit Dhar, Ved Prakash Khatri and Amit Kapoor, the startup offers learning content to schools on a subscription basis. It packages the K-12 school curriculum in physical forms like textbooks as well as digital means like web and app.
Schools and parents are allowed to tweak the learning modules in the subscription as per the student’s requirements, which also helps create a digital profile of the student. In addition, Eupheus has home-based learning and home-work tracking tools.
India’s education technology space is largely dominated by Bengaluru-based Byju’s, which last raised $540 million, led by South African internet giant Naspers, now has a valuation of $5 billion..., in a funding round led by South African internet giant Naspers. Byju’s crossed the ₹100 crore revenue mark in late 2018.
Last year in December, Toppr, an edtech startup, had raised $35 million led by education-focused investor Kaizen Private Equity. Toppr claims to have around six million users on its platform aimed at class 5 to 12 students.
Unacademy, another online learning platform, had raised around $21 million from Sequoia India, SAIF Partners and others in 2018.
Eupheus largely focuses on CBSE, ICSE and Pre-KG programmes. Kapoor, who is the co-founder and chief executive, said the company currently has over 3,500 schools on its platform with more than 3 million registered students.
He said Eupheus is on track to profitability and posted revenue of ₹60 crore in FY19.
“Our intent is to go to as many schools as possible in the coming months across the K-12 spectrum. We have around 95 sales guys on the ground, and we cover 52 cities currently operationally," said Kapoor in a phone interview.
The company also provides sample tests and aptitude testing focused on curriculum subjects like math, science, languages, etc. It also tracks the time taken for students to answer individual questions during tests, which allows parents and students to understand the strength and weakness of any student.
“First two years, we were completely focused on getting a large base of users, and as of March 2019, we concluded with 3,500 schools. We now have a plan to start with data mining applications right from Grade 1 to Grade 12," said Kapoor.