Online education startup EduKart has raised $500,000 from a group of angel and institutional investors including Kima Ventures, AKM Systems, Vibhor Mehra, Amit Patni and Arihant Patni, and an undisclosed Stanford alumni.
Update: Speaking to Medianama, Mayank Gupta, COO & Co-Founder of Edukart said that the funds will be used for more course creation and increasing the number of their franchisees in different parts of the country. When asked about their plans to tackle competition, Gupta said that competition will not affect companies in this space for the next 3-4 years since the sector still young. Instead, competition is likely to help in creating an ecosystem giving more visibility and acceptance for online education. With increase in acceptability and preference of online education, this business can reach scale, adds Gupta.
Started in 2011 by Ishan Gupta and Mayank Gupta, EduKart had previously raised $500K from Vijay Shekhar Sharma and Manish Kheterpal, as indicated by a TechCrunch report. The company offers paid online educational courses including post-graduation programs, international programs, programming languages, skills developments, certification courses, among others. The site also has a job portal through which it offers job openings across various sectors. The company presently claims to offer more than 75 courses and has more than 40 franchisees and 8,000 students enrolled with them. Their digital marketing course has the maximum traction and the company is looking to expand to all areas of higher education going beyond MBA, adds Gupta.
In February 2013, EduKart had partnered with London School of Business & Finance to launch a Postgraduate Professional Development Program in Management, Finance, Sales and Marketing, Operation Management, Human Resource, International Finance, and Investment & Banking through this program. EduKart had said that the courses will be available in a 11 month long program and LSBF and EduKart will offer a diploma certificate after completion of the Postgraduate Professional Development Program. Prior to this, It had also partnered with Meghalaya’s Mahatma Gandhi University (MGU) to launch an Online MBA course and other Post-Graduate and Under-Graduate degree and diploma courses.
Investments & Consolidations in the Indian Education sector in 2013
Last month, education company, Educomp had sold 50% of its stake in IndiaCan, a vocational training business to its JV partner Pearson. In March 2013, online test platform Rank Junction had raised undisclosed amount of money from Indian Angel Network.
In the same month, Education and school products focused e-commerce venture Skoolshop.com had raised series A funding from Blume Ventures & others. E-learning site MeritNation, had also raised Rs 30 crore funding from Info Edge (India) in February 2013, while Pearson had acquired the remaining 20% stake in TutorVista and had appointed Srikanth B Iyer as the new CEO of TutorVista.