Mumbai-based EduBridge, that provides vocational training services to low-income youth, has raised $2.5 million in Series A round of funding led by Luxembourg-headquartered Insitor Impact Asia Fund.
Existing investor Acumen Fund also participated in the round.
EduBridge will use the funding for expanding its footprint to Gujarat, Odisha, Jharkhand and Bihar.
Founded by Girish Singhania, an IIM graduate, in October 2009, EduBridge is a skill development and vocational training organisation. It provides courses catering to the BFSI, IT/ITES, telecom and retail verticals.
Acumen had, in 2012, invested $300,000 in the company.
Currently, EduBridge runs over 60 skill development centers across Maharashtra, Karnataka, Andhra Pradesh, Telangana, Kerala, Uttar Pradesh, Madhya Pradesh, Rajasthan, Meghalaya, Sikkim, Tripura and Assam.
It claims to have trained more than 50,000 youth.
“We are working with around 60-70 colleges across the country providing employment linked training to the youth undergoing graduation. Our placement cell has had a record of placing more than 67 per cent of our students in different jobs and sectors,” the company said in a press note.
Insitor Impact Fund is a social venture capital fund managed by Insitor Management. It typically invests between $0.5 million and $1 million in energy, water, housing, health, nutrition, education and other sectors.
This is the fourth investment by Insitor in India and fourth since 2011.
Its other portfolio companies include Mumbai-based medical engineering and design firm Biosense Technologies, Mera Gao Power which builds and operates village-based solar micro grids to provide electricity to off-grid households in Uttar Pradesh and SustainTech India, a producer of commercial cook stoves to street food vendors and community kitchens.