The fresh capital will be used by the New Delhi-based edtech company to increase its nationwide presence, develop new product offerings, and expand the team.
Eupheus Learning has secured $4.3 million in its Series A round through a mix of equity and venture debt. This round has been led by Yuj Ventures, the early-stage investment platform backed by the family office of Sid Yog, founding partner of a global investment firm, The Xander Group Inc.
The round has also seen participation from its existing investor Sixth Sense Ventures, the Mumbai-based venture capital firm.
The fresh capital will be used by the New Delhi-based edtech company to increase its nationwide presence, develop new product offerings, and expand the team. The funds will also be utilized to start operations in the Middle East and drive international expansion in other markets.
Sarvesh Shrivastava, Managing Director of Eupheus Learning, said, “The online education segment in India is primed for massive growth, as the next generation of children enters 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,” he added.
Madhav Soi of Yuj Ventures Pte Ltd from Singapore stated, “Yuj Ventures is pleased to support Sarvesh, Ved and Amit in their journey as entrepreneurs, and we will work closely with them to enable their next phase of rapid growth.”
Founded by Sarvesh Shrivastava, Ved Prakash Khatri, and Amit Kapoor in 2017, Eupheus Learning is the only company in the edtech space to turn profitable within 21 months of operations. It posted revenues of Rs 60 crores in FY 18-19.
The edtech startup recorded a 3x increase in revenues in the first half of FY 19-20 compared to the same period last year.
The company also increased its geographical presence to 70 cities in India from 52 earlier and expanded its team to 175 personnel. It further forged new alliances with 4 international education players, taking its roster of global partnerships to 17.
The firm is seeking to close the gap between the classroom and home learning through carefully-curated, technology-led, subscription-based learning solutions to schools. Eupheus operates across the Pre-K to Class XII segments, offering products in all subject areas and packages both the curriculum and homework tracking tools in phygital form.
Indian education sector
The Indian education sector was valued at approximately $101.1 billion as of 2019 and the online education market at $563 million. The online education market will likely reach $1.96 billion by 2021, as per the KPMG report.
Madhav Soi added, “The Indian education space is being disrupted and Eupheus, with its superior content, enabled through careful curation and exclusive partnerships with the most innovative education companies globally, is providing best of in-class and home learning solutions to students. We are impressed by the founders’ experience, a previous track record of developing cutting edge content at Britannica, and the manner in which they have scaled Eupheus in a profitable manner in the last two years in a competitive market.”