Noida-based edutech startup, Buddy4Study has raised $3 million in Series A round of investment. The investment was led by one of its existing investors CBA Capital. CBA Capital started a Education Catalyst Fund to invest in educational technology startups and this investment is a part of that fund. It was last month when it received investment from the Education Catalyst Fund making this the second investment of ECF in the same company in two consecutive months. The company plans to use the funds raised to scale up and work on the operational side.
Founded by Raj Kishor, Ashutosh Burnwal, Mohit Bhambri, Anirban Chatterjee, Manjeet Singh and Manasvi Singh in 2011, the startup enables a platform that connects scholarship seekers with scholarship providers. Buddy4Study has developed a platform where users can apply for multiple scholarships programs (both national and international) and track those applications from the same place.
The company claims to have disbursed over Rs 5 crore worth of scholarships with over 6500 students getting benefited. The company aims to facilitate another Rs 100 crore worth scholarships to over 10 lakh students in the country.
Commenting on the education sector in the country, Manjeet SIngh said, “Technology is proving to be a game-changer in the education sector. 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,” added Manjeet Singh.
“At Buddy4Study, we have constantly transformed the scholarship landscape in India ever since its inception. We are committed to making scholarships accessible and simple for students and CSR implementation in the field of education the most preferred domain for corporates”, said Manasvi Singh.
According to a recently published report by KPMG and Google, the online education market in the country is predicted to witness 8x growth in the next 3 years to reach $1.96 billion by 2021 with over 9.6 million user growth at a CAGR of 44 percent. The report further added that this growth will be backed by the rise in paid user base for online education.