Education services startup EduAce Services Pvt Ltd has roped in Foxconn-backed MoMagic as a strategic investor by raising $1 million from the mobile internet marketing company, Gaurava Yadav, CEO & Founder of EduAce told DEALSTREETASIA.
Founded in 2012, EduAce Services, specialises in general knowledge and general awareness and skill development programmes in schools, with operations in the states of Uttar Pradesh, Madhya Pradesh and Uttrakhand.
“A large part of the funding will be used to hire more people to strengthen the team and expand our network. To expand, we require local teams in each state,” Yadav said.
Aimed at schools in Tier-II and Tier III cities, EduAce intends to reach 7000+ schools and 15 states by 2017.
Having built its brand through its School Quiz League- Pratibha Ki Khoj, state-centric quiz programme for school students, EduAce derives its revenues from workshops and mentoring programmes for students called G-QAT based around general knowledge and aptitude tests. It will soon launch workshops for teachers called GURU next month.
The partnership with MoMagic will enable the startup to enter the online space through customised offerings for mobiles and tablet, Yadav said.
Noida-based MoMagic works across all the widely used mobile platforms and in the area of mobile Internet services, offering technology-backed innovative and analytically-driven marketing solutions to enterprises, startups and e-commerce players as well as better reach and service to customers. Set up in the year 2011, MoMagic presently operates across five markets in South East Asia.
Indian education startups, especially ed-tech, are seeing increased investor interest in India. So far in 2016, the ed-tech space has raised $77 million, as compared to $115 million in 2015, according to data from startup tracker Tracxn.