Jaipur-based edtech startup Tinkerly today announced it has secured Rs 6.5 crore ($884K) funding from Navneet Tech Ventures (a wholly-owned subsidiary of Indian publication and content provider Navneet Education Ltd.). Following the current round, The edtech startup funding amount now stands at Rs 10 crore.
The funding round also saw participation from the existing investors — SucSEED Angel Network, Keiretsu Forum, Divyashish Jindal (Head of Academics at Doubtnut), Chand Das (Former CEO of ITC Education), Saurabh Aggarwal (Co-founder Fitso), Marwari Catalysts, among others.
According to the statement, Skwerup Capital Partners acted as an advisor to the startup for this deal.
The six-year-old edtech firm will use the funding for product development, increase consumer awareness, and expanding in new geographies with vernacular content.
“Tinkerly’s unique (Kit + Live Class) courses combined with Navneet, India’s most loved education brand that carries a 6-decade old legacy, will set new benchmarks of learning outcomes and spark the joy of making among students across the globe,” Tinkerly’s Co-founder & CEO Sharad Bansal said.
Launched in August 2015 by Vivek Pathak, Sharad Bansal, OP Godara, and Kapil Arya, Tinkerly is a STEM learning online-offline solutions provider that makes STEM learning & coding fun and interesting with superior pedagogy, blended learning, and play-based curriculum.
The platform also helps schools to set up STEM and Tinkering Labs along with coding curriculum as per NEP guidelines.
Currently, it has 50,000+ online learners who have consumed over 300,000 hours of learning. Its existing reach in 6,000+ schools and 100+ learning centres allows the startup to acquire 60% of its users from organic channels at near-zero CAC.
Over the past three months, it claims to have witnessed 8X growth since the launch of the new version of its learning platform Let’s Tinker in April this year.
Prior to the COVID-19 pandemic, exposure to robotics or coding was limited to students studying in less than one percent of total Indian schools, the startup said in a statement. The mass adoption of online learning has led quality learning democratized.
Dhiraj Sinha Kumar, Co-founder of SucSEED Angels Network, said, “We are proud to be a part of Tinkerly and to support it since we first invested in 2018. It’s great to witness Tinkerly consistently demonstrating its value proposition by using STEM innovatively and helping students to learn and grow.
“We believe that investment by a large publishing house like Navneet validates the potential of STEM education in India, and with re-opening of schools, its growth will further strengthen,” he adds.
Mr. Ketan Gala, Director, Navneet Tech Ventures, said, “Tinkerly’s approach is in the right direction and ensures that our children are future-ready, and as a Company, they are taking a leap in the right direction as well.”