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EduKart, a education marketplace has raised US $1 Million from Holostik Group’s United Finsec (family office arm), Yuvraj Singh's YouWeCan Ventures and prominent early stage fund 500 Startups. Existing investors including Vijay Shekhar Sharma (Founder, PayTM), Manish Kheterpal (Ex Director of Providence Equity Partners), Amit Patni and Arihant Patni of Patni family, and Stanford Business School’s alumni angels have also participated in the current round.
The total education sector of India is pegged over US $60 Billion, with approximately 50% in higher education sector, 40% in K12 sector and 10% in coaching, skilling and other non-formal areas with thousands of educational institutions and companies in each of these areas.
“Over the last year, EduKart has partnered with more than 90 course providers to promote and drive enrollments in more than 2000 courses in K12, entrance coaching, degrees, diplomas, short courses and industry relevant certifications through the marketplace. The incoming funds will be utilized for further upgrading the marketplace platform, increasing course portfolio and strengthening marketing efforts.” said Ishan Gupta, CEO of EduKart.com, who is a Stanford University (USA) alumnus, ex Facebook employee and early Paytm team member.
The list of course providers listed on EduKart.com is long and impressive including Vidyamandir, Aakash, Jamboree, Toppr, Brilliant Tutorials, Indian School of Business, Narsee Monjee Institute of Management Studies, Bharati Vidyapeeth University, School Guru, Vskills, Copal Partners, Digital Vidya, Knowledge Woods who are all leading course providers in their respective domains. “While on one hand, EduKart has been successful in helping students and parents make informed education related decisions, on the other it has given various course providers a platform to expand their reach to Tier 2 and Tier 3 cities across India. Through its services like dedicated counselling support and flexible payment options, EduKart is establishing itself as a go-to destination for figuring out one’s educational needs.” said Ankit Gupta, head of strategy and investments for Holostik Group and alumnus of Harvard Business School.
“I’m really excited to be a part of the EduKart journey. I have always believed that following your passion is very important in life. At the same time, a focus on education is also a must in today's cut throat competitive environment. EduKart can really become your trusted partner in making the right choices.” said Yuvraj Singh, ace cricketer and founder of YouWeCan Ventures.
The company has attracted top tier talent from the likes of Google, Pearson PLC, Wiley, Monster Inc to join in leadership positions and build various functions of the company. In the next three years, EduKart is looking to drive gross enrollment sales of over $100Mn for its course providers, by enrolling 100,000+ students annually. “Education spending is on the rise among the tech savvy Indian middle class. I believe that the online distribution of education products and services will have significant growth in the coming years. The highly effective EduKart.com team is ideally positioned to execute on this opportunity with a very strong course portfolio and mindshare amongst prospective students”, said Pankaj Jain of 500 Startups.