Exclusive: E-learning firm Liqvid raises Series A from US-based impact investor Gray Matters Capital

Liqvid English Edge Pvt Ltd, an e-learning content solutions company run by Noida-based Liqvid eLearning Services Pvt Ltd, has raised an undisclosed amount in Series A funding from US-based Gray Matters Capital.

The company will use the money to enhance English Edge, a product created by the firm to enhance English language learning through innovative use of technology and personalized language learning lessons.

“Language, especially English, still acts as a huge barrier to learning and job placement for individuals coming from the bottom-of-the-pyramid population across the world. Efforts by private players like Liqvid are commendable and we are happy to be associated with them,” said Robert Patillo, founder of Gray Matters Capital, in a statement.

Launched in 2008, Liqvid English Edge provides services like custom content development, training design services, technology services and learning support services for corporations, academic institutions and government organizations across the world. Besides Noida, the company has offices in Bangalore, Singapore and the US.

Founded in December 2002 by IIM Kolkata alumnus Vivek Agarwal and IIT Delhi alumnus Manish Upadhyay, Liqvid had raised $3 million in funding from a subsidiary of SBI Holdings, Japan, in 2012.

Agarwal also co-founded an e-learning portal eGurucool.com and, prior to that, he worked at SRF Finance while Upadhyay was associated with LionBridge Technologies and NIIT Ltd.

“Language learning remains a huge opportunity in India and the right use of technology can help a quality service provider like Liqvid to penetrate deeper in the market,” said Agrawal.

English Edge has traditionally followed the ‘blended learning’ concept which is a mix of instructor-led and computer-based learning, coupled with technology and multimedia.

Unitus Capital acted as an exclusive advisor to Liqvid on this deal.

Gray Matters Capital is an impact investing enterprise founded in 2006 by Bob Pattillo. The VC firm first entered the Indian market in 2003 by investing in microfinance-focused funds Caspian and Bellwether. It focuses on scalable enterprises and provides seed and early-stage investments ranging from $1,00,000-$5 million.

In May, Bangalore-based pediatric healthcare chain AddressHealth Solutions India Pvt Ltd had raised $1.5 million (around Rs 10 crore) in a Series A funding round led by Gray Matters Capital.

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