Edtech startup uFaber has secured INR 25 crore for expanding and increasing system capacity, enhancing technology, and building a larger workforce.
Mastermind JPIN Capital Partners Fund and Gray Matters Capital participated in
the Series-A round of funding.
By the year 2024, uFaber intends to have more than one lakh students under its aegis as well as more than five thousand instructors.
Anirudh Swarnkar and Rohit Jain launched the education technology company in 2015 with the goal of providing students with individualized educational programs. It helps college students, professionals, homemakers, and businesspeople enhance their English communication and other soft skills by catering to a wide variety of demographics. These demographics include homemakers, professionals, and homemakers. Fluent Life, eMaester, IELTS Ninja, UPSC Pathshala, and Real School are some of the programs that are available.
In response to the investment, the cofounder of uFaber, Rohit Jain, stated that the company intends to continue making progress toward its expansion ambitions by investing in both the product and the staff.
In addition to this, Smita Sircar, president and chief executive officer of Gray Matters Capital, mentioned that the majority of the teachers that uFaber educates are women and that the platform offers them the chance to work from the comfort of their own homes. These teachers come from over one hundred different Indian villages, and they instruct English to young people through the medium of online instruction at a price that is both reasonable and effective.
Since the beginning of the epidemic, digital education has been at the center of the conversation, attracting the interest of both investors and the government. This year, during the budget address, Nirmala Sitharaman mentioned that the center is intending to develop a digital library for the children of the nation in order to make excellent books available all across the country, with accessibility regardless of the type of gadget used to access them.
According to a research conducted by IMARC, the size of the Indian e-learning market reached $ 6.4 billion in 2022. It is anticipated that the industry would reach $14.1 billion by 2028, demonstrating a compound annual growth rate (CAGR) of 13.7% during the years 2023-2028.
When new institutes began opening their doors following the epidemic, there was a precipitous drop in the amount of money the digital learning industry made in profits. The fundraising winter had an effect not only on the total amount of money that was raised, but also on the number of business transactions that were terminated as a result of it.
According to research conducted by Inc42, Indian edtech firms raised a total of $2.4 billion in 2022, distributed across 95 separate agreements. This figure represents a YoY fall of 49% and 42%, respectively.
The Indian education technology firm BYJU’S was also hit hard by the crisis. In point of fact, the office of this company was also searched by the ED due to violations of the Foreign Exchange Management Act (FEMA).
However, BYJU’S has lately been successful in coping with the slowdown by obtaining $250 million in debt finance from Davidson Kempner. Additionally, the company is getting close to securing $700 million from investors as it tries to press on with its plans for the public offering of its coaching chain subsidiary Aakash.
