In 2016, Indias e-learning market stood at $247 million and it is projected to grow eight times to $1.96 billion by 2021, as per KPMG report. A startup iNurture catering in this segment has raised funding of Rs.28 crore in series C funding round led by VenturEast and existing investors Bertelsmann India and Ascent Capital also took part in the round.
Established in 2009, the Bengaluru-based ed-tech startup iNurture offers industry-relevant postgraduate and undergraduate courses on its platform in the association with well-reputed Indian universities and colleges. The startup plans to use the raised funding to expand its e-learning platform for skill centres and distance learning and to expand its managed campuses business.
Founded by Ashwin Ajila, the startup is partnered with 30 institutions all over India. It is also partnered with some big companies for placements like KPMG, EY, NIIT, HP, TATA Consultancy Services, etc.
Ashwin Ajila, Founder and Managing Director of iNurture told BusinessEx, "iNurture will utilise some of the Series C funding towards strengthening its core business by increasing its current product offering to include UG and PG programs in areas such as IOT, Data Science, AI, Crypto Currency and Block Chain. It will also utilise the funds to launch its ed-tech platform which will enable partner Universities to offer Distance Education and Skill Centers. We will also utilise some of the funds to expand our International JV with Galileo to expand our International schools to other cities.
In 2014, the startup raised funding of Rs.30 crore from Bertelsmann India Investments. In 2017, the startup further raised debt financing of Rs.10 crore from NBFC firm BlackSoil Capital.
In ed-tech space, a lot of startups has raised funding in January like ed-tech startup GreyAtom has raised around Rs. 6.4 crores from early-stage venture capital fund Pravega Ventures. AEON Learning has raised Rs.20.43 crores in Series B funding from MEMG Family Office LLP. Startup CollPoll raised funding in pre-Series A funding round led by Manipal Global Education Services (MaGE) and angel investors also took part.