Edtech startup Eduisfun Tuesday announced that it has secured funding worth $28 million (Rs 200 crore) from a clutch of angel investors and high net-worth individuals, including HDFC chairman Deepak Parekh and Bollywood actor Amitabh Bachchan.
Others who invested in the round include Piyush Pandey, chief creative officer of the Ogilvy Group and Russell Parera, partner, assurance at Price Waterhouse & Co.
Mumbai-based Eduisfun will use the capital to increase its scholarship pool and for technological updates on its app.
Launched in 2014 by Jatin Solanki and Praveen Tyagi, Eduisfun is an adaptive platform which provides an enhanced gamified learning experience, and uses analytics for personal performance tracking.
Its flagship product STEPApp has been designed for students of private, central and tribal schools, and works on the most basic smartphones with minimal data requirements. The app is already deployed in 16 tribal schools of Maharashtra, according to Eduisfun’s website.
STEPapp starts with building math and science proficiency via two programs – STEP Scholar and STEP Learn. STEP Learn is the learning program for grades five to 11 mapped to complete math and science syllabus of CBSE and ICSE. STEP Scholar programme offers scholarships ranging from Rs 10,000 to Rs 1 crore.