New Delhi based EdTech startup Eupheus Learning said that it has raised $4.3 million (Rs 30 crore) in Series A round via a mix of equity and venture debt. Yuj Ventures, the early-stage investment platform backed led the round. Mumbai-based venture capital firm Sixth Sense Ventures, an existing investor in Eupheus, also participated, said the company.
Eupheus said it will use the new capital to increase nationwide presence, develop new product offerings, and expand the team. With this fund raise, Eupheus will also commence operations in the Middle East and drive international expansion in other markets.
In the first half of FY 19-20, Eupheus claimed that it witnessed a 3-times increase in revenues compared to the same period last year. It also increased its geographical presence to 70 cities in India from 52 earlier, expanded its team to 175 personnel, and forged new alliances with 4 international education players, taking its roster of global partnerships to 17, said the company.
“The online education segment in India is primed for massive growth, as the next generation of children enter classrooms across the country. By leveraging the power of technology, we’ve been able to bridge the divide between in-school and at-home learning and offer a seamless, end-to-end learning experience. With this infusion of capital, we have the opportunity to expand our presence across India and into neighbouring nations, and showcase the benefits of our unique offering to an ever-larger audience,” said Sarvesh Shrivastava, Managing Director of Eupheus Learning.
Founded in 2017 by Sarvesh Shrivastava, Ved Prakash Khatri, and Amit Kapoor, Eupheus seeks to close the gap between classroom and home learning through carefully curated, technology-led, subscription based learning solutions to schools. Operating across the Pre-K to Class XII segments, Eupheus offers products in all subject areas and packages both the curriculum, and homework tracking tools in phygital form.
As of 2019, the Indian education sector was valued at approximately USD 101.1 billion and its online education market at $563 million. Online education market is expected to hit $1.96 billion by 2021 according to KPMG report.
Eupheus said that it became profitable and posted revenues of Rs 60 crores in FY 18-19.