E-learning platform Edureka has raised $2 million from a venture capital fund Leo Capital. Post this investment, Rajul Garg, Founder and Managing Partner of Leo Capital India, who is also a founder of companies like Pine Labs and GlobalLogic, will join the board of Edureka.
The company will use the funding to support its growth plans and to bring senior executives onboard. “With this investment, we will continue to focus on scaling up our team, enhancing our core product and improving customer experience to achieve our target of achieving 6x growth in the next three years,” said Edureka’s co-founder & CEO Lovleen Bhatia.
This funding is company’s first funding round after its inception in 2011. Edureka is an e-learning platform for technologies such as Big Data, Cloud Computing, Artificial Intelligence, Blockchain, Data Science, Business Intelligence etc. The company said that it has users in 100 countries but did not share details on the total number of users. The company added that it has achieved 3X growth in the last three years and that it is a profitable entity.
E-learning in India
E-learning space is crowded with small and large players both, and has rapidly expanded in the last couple of years in the country. In India, Edureka competes with the likes of Info Edge-backed MeritNation, HT Media’s Shine Learning, Unacedemy, Byju’s Learning, WizIQ, Springboard, iNurture, UpGrad, Jigsaw Academy, among others.
A joint study by Google and KPMG had recently reported that online education will be a $2 billion Industry in India by 2021. India is, in fact, the third largest online market for education in the world. According to the report, the growth will be backed by a rise in paid users—currently 1.6 million and estimated to grow to 9.5 million in 2021. Re-skilling and online certification courses are currently the dominant categories with a 38% share, according to the same report.