Indonesian edtech firm Zenius is in advanced talks to raise $20 million in a pre-Series B round from a slew of global investors, two sources familiar with the matter told DealStreetAsia.
Talks of the proposed funding surface at a time when the company is planning to raise another tranche of capital for its Series B round next year, added one of the persons mentioned above.
“Many interests [have] come from global investors to Zenius. They expect Indonesia’s edtech platforms to duplicate the success of Indian edtech platforms. Furthermore, COVID-19 has accelerated the growth of online learning,” said a separate source on condition of anonymity.
When contacted, Rohan Monga, CEO at Zenius, declined to comment.
The edtech sector is increasingly witnessing traction amidst the COVID-19 pandemic that has prompted students and educational institutes across the region to embrace online learning.
The sudden and massive migration from physical to digital classrooms over the past few months have put startups operating in the sector in sharp focus with deal activity gaining momentum.
According to data available with UNESCO, as many as 1.078 billion learners were affected across 116 countries due to the closure of schools in June 2020 alone. Meanwhile, March was the worst impacted, when 1.575 billion learners were affected in 182 countries across the world as most nations imposed a lockdown.
Earlier this year, Zenius secured as much as $20 million in its Series A funding round led by Singapore-based private equity firm Northstar Group. Venture capital firms Kinesys Group and Beenext also participated in the round.
Established in 2007, Zenius is one of the first edtech companies in the archipelago to venture into video-based online learning – it launched zenius.net in 2010.
Zenius Education offers learning solutions to students to help them understand concepts and scientific reasoning. The startup reportedly offers 80,000 learning videos and thousands of practice quizzes, catering to elementary to high school students.
Among other edtech firms that have raised capital in Indonesia, CoLearn was selected into Sequoia India’s Surge programme, which provided $1-2 million in capital to the startup. Meanwhile, Arkademi and Gredu closed seed rounds in early 2020.