A slew of venture capital, private equity and sovereign funds are mulling an investment in Mumbai-based educational technology startup WhiteHat Jr, per a report by The Economic Times.
The development comes at a time when the demand for online learning has shot up amidst the COVID-19 outbreak.
Amongst those who are in the fray to pick up a stake in WhiteHat Jr are Singapore’s GIC, home-grown private equity firm Multiples Alternate Asset Management, and venture capitalist Sequoia Capital, among others, the report added. Talks are understood to be at a preliminary stage.
The startup, launched in 2018, is currently on the road to raise $50 million. It focuses on teaching coding to young kids within the age group of 6-14.
The company is reportedly looking to recruit over 2,000 teachers and 400 employees every month to ramp up capacities and support its growing student base. It claims to witness a significant jump in paid student subscriptions over the past two months during the lockdown period.
Going forward, WhiteHat Jr plans to expand its operations in the global market.
The startup made headlines in September 2019 when it raised $10 million in a Series A round of funding led by Nexus Venture Partners and Omidyar Network.
Edtech startups are increasingly evincing investor interest as contours of education have undergone a drastic shift over the past few months. Among others who have recently closed funding in India include Pariksha, SoME, Guvi Geek, Qin1, Vedantu, Expertrons, Pedagogy, and Camp K12.