Edtech startup Avishkaar said that it has raised INR 5 crore of funding in pre-series A from Auxano, Mumbai Angels, Alok Mittal, angel investor & Co-founder and CEO, Indifi Technologies, and Varun Aggarwal, Co-founder, Aspiring Minds.
Avishkaar plans to utilize the funding towards product development and further expansion of its portfolio in addition to hiring talent. Further, with its mission to build an army of young innovators globally, the company will invest in marketing; India will continue to be a focus market this year with enough scope to grow in Tier-I and Tier-II cities while catering to inbound queries from international institutions.
Avishkaar has previously raised Rs 5 crore in seed investment from Auxano in February 2018 towards expanding its presence across the country in schools and the launch of a new line of products. Ever since Avishkaar has quadrupled its presence and revenues. In the pre-covid period, the company was working with over 1500 schools and had grown its user-base to over 100,000 children. Post-March 2020, the pandemic forced schools to shut down with children and parents grappling with the online learning mechanism. Avishkaar was quick to adapt to this situation and shifted gears to focus on a D2C (Direct to Consumers model) through its existing school network and e-commerce channels. This shift in strategy has accelerated the brand's growth by more than 5 times in the last year.
Speaking about the investment, Tarun Bhalla, Co-founder, and CEO, Avishkaar said, “Avishkaar's goal since its inception has been to create an army of innovators. Exponential technologies like AI, Robotics, Coding, and 3D printing are already defining the world around us. However, with COVID-19, technology is at the heart of everything and it's important that we impart these skills amongst our children if they find these fields exciting. Avishkaar's approach is one of a platform that comprises hardware kits, software solutions, and LIVE online classes to ensure that children have the right tools, curriculum, coaching, and environment to excel at these skills.
“We are quite thrilled to have Auxano further its faith in the Avishkaar story, and we are happy to have the new investors coming on board to take our cause forward”, he added.
“Innovation is at the heart of everything we do and Avishkaar platform empowers every young maker to bring their ideas to life using a deep understanding of next generation technologies. We provide a comprehensive platform that bridges the gap between next-generation technology skills and life skills with appropriate tools, community, content and mentoring. If we are to nurture creators and not mere consumers then it is important for parents, and schools to create micro-environments where children can make, break, experiment, take risks and fail”, Pooja Goyal, Co-founder and COO, Avishkaar said.
“Since the time of our investment in 2018, the Avishkaar team has witnessed a life cycle in the business, both good and not-so-good times and their passion along with tenacity has been displayed over the years. Having launched new product lines along with creating new verticals, strengthening the leadership and operational teams, Avishkaar is poised to reach greater heights”, Brijesh Damodaran Nair, Founder & Managing Partner, Auxano said.
Adding to this, Nandini Mansinghka, Co-Promoter, and CEO of Mumbai Angels Network said, “Ed-tech is one of the most lucrative sectors and one of the few industries that has emerged triumphant from the pandemic's impact. The education sector will heavily rely on technology-driven teaching and learning even after the pandemic has passed. Avishkaar has been consistent in providing seamless solutions that cater to today's learners and we believe that this investment will enable them to further innovate, expand their offerings, and grow.”