Digital startup for learning music and performing arts Spardha has raised Rs 3 crore in a Pre-Series A1 round led by Inflection Point Ventures. A few US-based HNIs have also invested in this round.
The company said that the funds raised will be utilised for branding & marketing, expansion of sales and products team, curriculum development & enhancement, digital platform enhancement, and expanding presence in four new international markets — UK, Singapore, Canada & Australia.
“For first-time founders like me, IPV is like a mentor helping us with all their specialised knowledge so that we take the right decisions and maximize the probability of our success. The platform has a large network of seasoned SMEs across various business functions like product development, marketing, sales, and finance, etc. who are always willing to extend their support in solving our key challenges,” stated Saurabh Srivastav, Founder & CEO, Spardha.
With professionally certified trainers, Spardha has made curated curriculums for the students and facilitates the same via its digital learning platform. It offers personalized learning paths for different student needs.
With the market size of over 40 million potential students in India across all age groups, growing at the rate of 17% YoY, the demand for music and performing arts classes is high. China alone may become a $14 billion market in online music lessons by 2022. Globally, it is a multi-billion-dollar market growing at a CAGR of 18.68%.
“Spardha has found early adopters in users of all age groups across India and the wide Indian diaspora in the US. Future plans include expanding both the markets and the product offering to include a wider user base. Spardha has the potential to replicate the success of some of the leading ed-tech companies which have similar appeal across other verticals,” said Ankur Mittal, Co-Founder, IPV.