Ed-tech market is offering a lot of opportunities for investors. The latest development in this market is that a Noida-based ed-tech startup Buddy4Study which offers college scholarships has raised funding of $3 million in Series A funding round led by its existing investor CBA Capital.
Michael and Susan Dell Foundation (MSDF) backed firm CBA Capital made this investment through its Education Catalyst Fund.
In 2011, the ed-tech startup Buddy4Study was founded by Ashutosh Burnwal Raj Kishor, Mohit Bhambri, Anirban Chatterjee, Manjeet Singh, Sandeep Kumar and Manasvi Singh. This startup offers a place where students can look for scholarship options in different schools and colleges. The institutions register themselves on the platform and then provide scholarship details for students. The startup plans to use the raised funding to scale up its operations.
Till date, the company has benefitted over 6500 students in getting scholarships worth more than Rs.5 crore and aims to make this figure into Rs.100 crores for 10 lakh students in the coming future.
With the government providing a massive digital push in the same segment, it is only opportune to multiply our efforts and develop more innovative products to provide end-to-end financial aid to students, said co-founder Manjeet Singh.
In this week, a Delhi-based ed-tech startup Avishkaar Box has also raised Rs.5 crore funding in pre-series A round of funding led by Auxano Deals.