Smart Institute Receives Financing Round from Ah! Ventures; Plans to Expand Across India
Smart Institute, one of the country’s leading education groups raised $1.5 million from a group of HNI investors, family investors, family offices led by Ah! Ventures. It is part of ah! Venture’s $30 million financings round and with this round, Smart Institute aims to expand its presence in 30 cities nationally within the next five years. Along with this, Smart Institute also plans to invest in EdTech, via its EdTech platform application ask.CAREERS.
Speaking about this, Akhil Shahani, MD, The Shahani Group, comments, “In light of the increased demand for job-ready professionals with detailed industry knowledge, students today are looking towards Smart classrooms, learning apps, on-the-go learning devices, and much more, to gain a competitive edge. The same has presented a huge opportunity for investors and entrepreneurs alike, culminating in our 30-city expansion plan. We expect to raise to USD 15 million in the next four to five months and reach a funding amount of $30 million by the end of 2020. This institutional funding into our company indicates increased confidence amongst investors of the scalability of our employability model that will lead to superior career outcomes for lakhs of students across our country”.
Indian EdTech Market is projected to reach $1.9 billion by 2021, growing at a CAGR of 49 percent. Foreseeing this, Smart Institute aims to use the fundraising to strengthen the services of ask.CAREERS, and in turn, help candidates boost their critical thinking, problem-solving and time management skills, whilst working closely with employers. The Shahani Group also mandated European Boutique Investment Bank, IEG Investment Banking Group to help with the fundraiser, which includes local family offices, global institutional investors and global strategic players.
“The global EdTech space is expected to reach USD 341 billion by the year 2025. Employability as a skill set is a huge focus going forward, and through its tech-based platform, Smart Institute, the Shahani Group is well-positioned to capture and optimize this market”, says Mihir Kapoor, MD, IEG India.
Founded in 2007, the Shahani Group has a reputed name in the education sector in India and is committed to strengthening the careers of lakhs of students via its academic initiatives. It aims to employ in diverse industry sectors and also runs various CSR initiatives that have an objective at offering education and healthcare for the underprivileged.