New Delhi-based edtech startup 88academics today announced it has raised $3 million (Rs 22 crore) in a pre-Series A funding round led by Mohandas Pai’s Aarin Capital Partners.
The round also saw participation from Piyush Gupta (CEO, DBS Group), Vinod Gupta (MD, VG Learning Destination and Rashtriya Gaurav Awardee), P S Jayakumar (ex-MD and CEO, Bank of Baroda), Ramesh Swaminathan (Group CFO, Lupin), Ajay Abrol (ex-Head Proprietary Trading, Nomura Singapore), Prem Rajani (Managing Partner, Rajani Associates), Akshay Gupta, and N Jayakumar (Management Team, Prime Securities).
With this round of funding, 88academics will develop India-specific content for the K-12 segment. The startup is part of Singapore-based 88tuition which is on a mission to empower every student to achieve full potential and is expanding rapidly in Asia.
The edtech firm so far has partnered with DBS Bank, Singapore Indian Development Association, and People Association.
Founded in 2018 by former 3i Asia head Anil Ahuja, 88academics, through its proprietary pedagogy and technology platform, provides students high-quality enrichment for English, Maths, Science, Information Technology, and Mother tongue.
“Our objective is to democratize education and make the highest quality product available to everyone at an affordable price. We are committed to building a top-quality enterprise and creating value for all stakeholders,” Anil Ahuja, Founder & CEO of 88tuition, said. “We are grateful to all edtech companies who have pioneered the transformation in India,” he adds.
Commenting on the investment, T V Mohandas Pai, Partner at Aarin Capital Partners said: “We seek to partner technology-intensive businesses in life-sciences & healthcare, education and other potentially large India-centric or India-first companies.”
He further said 88academics provides us with an opportunity to invest in a sector we know well and back a highly experienced management team with a differentiated product and a disruptive business model.
According to Ganesh Agarwal from Prime Securities, The Indian edtech industry is valued at over $30 billion and the incumbents have significantly transformed the way education is being imparted to students.