Illumnus Bags INR 75.61 lakh Investment in Seed Round
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- May 19,2020
- 12 Mins Read
Working professionals and students are making the most use of the lockdown by taking up online classes. Consequently, edtech companies are seeing organic registration during this period and also catching eyes of the investors. Immense amount of investments have been made into edtech firms so far.
Of late, Illumnus Education Technologies Pvt. Ltd, which administers an eponymous education technology startup has raised roughly INR 75.61 lakh in the seed funding round.
The edtech startup has garnered money from a cohort of high net-worth individuals (HNIs) and angel investors from Dubai, VC Circle reported citing the company's official statement.
The startup will deploy the funds to increase its offerings to four countries by the cessation of the current year.
"We have already doubled our team to build a scalable software-as-a-service-based LMS platform that educational institutions have always deserved but never got," Akash Deep Singhal, Co-founder at Illumnus, said in an interview with the cited media agency.
The company was established by Akshaya Singhal and Akash Deep Singhal. Prior to this edtech company, Singal had initiated Medd, which was later acquired by 1mg.
The edtech firm states that its platform renders educational organisations with intrinsic digital learning nexuses, permitting simpler communications and workflows between students as well as teachers.
"They were confident of their bet on Illumnus because of the company’s end-to-end offering and the larger potential of the B2B ed-tech space. Apart from its student-teacher suite, the firm also provides tools to school administrations and parents for real-time monitoring and performance tracking," The investor group told the cited media agency
Deals in the Edtech Industry
The latest investment of Illumnus exemplifies how the edtech industry is rising during the lockdown period. Various edtech companies, including Unacademy and Byju have received huge offerings from the investors. There is also an array of early-stage startups garnering capital from the investors.
Recently, the Delhi-based edtech company, Any Time Classes Educational Services Pvt. Ltd, which administers an eponymous brand, had collected money from Mumbai Angels Network. The edtech startup primarily concentrates on app-based visual content.
Earlier in May, Business-to-business (B2B) edtech firm, Classplus raised $9 million in Series A funding round. Early-stage tech investor, RTP Global had led the funding round. Existing investors including Blume Ventures, Sequoia Capital India's Surge, Spiral Ventures and Strive also participated in the round, reported Mint.
In the previous month, Online tutorial platform, Lido Learning also secured an additional $7.5 million in its extended Series B round of funding. BAce Capital led the funding round, reported VC Circle.
Also, ed-tech company, Vedantu raised $19.6 million in Series C funding round from the Chinese VC company, Legend Capital and South Koreian investor, KB Global.
Surge of Edtech Segment During Lockdown
Owing to the rising Coronavirus, academic institutions had begun shutting amidst March this year. Thus, schools and students initiated using educational apps to reciprocate educational content.
According to BARC India and Nielsen's report, there is a 30 per cent increase in the usage of educational applications on mobile phones from the beginning of the lockdown. For example, spending time on Byju's application has surged from 70 minutes, which was determined before lockdown, to 91 minutes during the quarantine. Similarly, gamified learning application STEPapp has registered 3 lakh users from March 15 to date, reported The Financial Express.
For a while, the Indian edtech sector had been grappling with low penetration of business-to-consumer. With the current customer trend, this problem has naturally resolved and rise in organic users can be noticed.
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