Anand Chandrasekaran backs ed-tech startup EduRevFormer Facebook director and Snapdeal senior executive Anand Chandrasekaran has invested an undisclosed sum in Chandigarh-based ed-tech startup EduRev, marking his sixth angel investment in the current calendar year.

EduRev, which was formally launched in 2018 by two Punjab University alums, Kunaal Satija and Hardik Dhamija, primarily caters to students in the 12 to 24 age group, helping them prepare for a range of examinations, which include school boards to competitive exams such as IIT-Joint Entrance Exam, medical entrance and the Union Public Service Commission, among others.

However, unlike its peers, EduRev does not create its own content, instead sources the same from a combination of prominent teachers, coaching centres and well-known education-focused publishers.

The startup, which was part of Y Combinator’s winter 2020 batch, has raised $150,000 in funding led by the Silicon Valley-based startup accelerator, according to Crunchbase. Chandrasekaran’s investment is part of the same round, which is still ongoing.

In 2020, apart from EduRev, Chandrasekaran, who is currently the executive vice president – Product Management and Design at Nasdaq-listed cloud contact centre software provider Five9, has also invested in mental wellness startup Mindhouse, which has been founded by Zomato co-founder Pankaj Chaddah, and InVideo, a DIY video creation platform, which was also part of the second cohort of Sequoia Capital’s rapid accelerator programme, Surge.

Three other investments made in 2020 remain undisclosed as yet. Till date, Chandrasekaran, who is among the most active investors in the Indian startup ecosystem, has backed an estimated 55 ventures, investing between $25,000-$50,000 in each company.

An estimated eight of his seed-stage bets, which includes, online realty platform NoBroker, online credit ledger company Khatabook, online pharmacy Netmeds and customer analytics and cross-channel engagement platform MoEngage, are each currently valued at over $100 million.

In April, NoBroker bagged $30 million from General Atlantic, while in May, Khatabook scored $60 million in its Series B funding round, which was led by B Capital Group. Chandrasekaran, who has also served as the product head of domestic telecom giant Airtel, prior to joining Snapdeal in 2015, primarily focuses on betting on startups operating in marketplaces, fintech, consumer, SaaS and the emerging AI segments.

The product tech executive has recorded five exits till date, which have come about from the acquisition of offline-to-online fashion e-commerce venture Fynd by Reliance, and the acquisition of co-working company Innov8 by SoftBank-backed hospitality chain Oyo—both transactions were announced last year.

Three other exits came through the sale of hyper-local drugs delivery app Pluss to Netmeds in 2016, and Kavin Mittal-led Hike Messenger’s dual acquisitions of social networking app InstaLively and hardware startup Creo, both of which were reported in 2017.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here