Edukart Raises $500K In Seed Funding From Angel Investors
Bangalore: Delhi based Educart, an online education startup, has raised $500K in seed funding from a handful of institutional and angel investors. These include French based Kima Ventures, Amit and Arihant Patni of Patni family, computer services company AKM Systems, Vibhor Mehra, ex-partner at SAIF Partners and Stanford University alumni, reports Tech Crunch.
The round was led by Kima Ventures, which also saw the participation from existing investors in the company, Vijay Shekhar Sharma, founder of One97Communications and Manish Kheterpal, ex-director of Providence Capital who previously invested $500K in Edukart.
With broadband connections and Smartphones getting ubiquitous, Edukart co-founder Ishan Gupta sees a big opportunity for online education. “We’ve seen enormous growth in the number of people in India making transactions online, the number of debit cards and, overall, a huge uptick in broadband penetration,” Gupta said.
Gupta said that if EduKart’s educational model proves successful at home, he wants to begin looking beyond India to other developing markets in the region. At present he is also looking for more strategic partnerships in the U.S.: “It’s critical for us to partner with foreign universities, so that we can help bring quality, affordable educational programs to Indian students.”
Edukart was launched in 2011 in Delhi by Stanford grad and ex-Facebooker Ishan Gupta and Indian Institute of Management grad Mayank Gupta, with a mission to bring online education to India and the developing world.