India’s online education sector continues to dominate investments in the tech and startup space, driven by the rapid growth witnessed by most companies amid the pandemic.
Byju’s and Indian School Finance Company
Byju’s has raised $122 million from tech billionaire Yuri Milner’s investment fund DST Global as part of its ongoing funding round, a month after storied Silicon Valley investor Mary Meeker’s Bond Capital chipped in $23 million at a $10.5 billion valuation.
Meanwhile, education sector lender Indian School Finance Company (ISFC) has picked up $30 million in a mix of equity and debt from existing investor Gray Matters Capital, along with co-lending commitments from partner non-bank financial institutions InCred, U GRO and Profectus Capital.
Why is this significant?
Ed-tech is among a handful of internet sectors that have benefited from the pandemic, with all major players — Byju’s, Vedantu, Unacademy, and WhiteHat Jr — reporting gains as more learners switched to online classes. This has led to investors turning more bullish on the sector, with several companies bagging large funding rounds over the last few months.
Former Warburg Pincus executives have raised $4.3 million to launch a celebrity fan engagement platform, TrueFan. The round was led by Ronnie Screwvala, Mayfield India, and Saama Capital.
Why does this matter?
Direct celebrity connect is an emerging space in India, which enables fans to engage with their favourite stars at affordable prices. A new set of startups, including Tring, Wysh, YoShot, and Celebrify, are helping fans mainly from smaller towns connect directly with their favourite television and regional movie stars. The business models and approaches, however, differ across startups. Read more.
Other key deals
Avail Finance has landed about Rs 87 crore (around $11.8 million) in a Series B funding round, led by US-based Falcon Edge Capital, with participation from existing investor Matrix Partners. The company has raised about $37 million in funding since inception.
Verloop.io has bagged $5 million in its Series A funding round led by Alpha Wave Incubation (AWI), along with existing investors IDFC Parampara and Infosys cofounder Kris Gopalakrishnan. It counts GrowthStory, the venture-builder platform founded by entrepreneurs K Ganesh and Meena Ganesh, as its promoter.