Mumbai-based Edubridge Learning secures Rs 1.5Cr from Acumen Fund
Acumen Fund, a non-profit global venture fund which focuses on poverty alleviation across Africa and South Asia, has put in Rs 1.5 crore ($300,000) in Mumbai-based education services provider Edubridge Learning Pvt Ltd. Although based in Mumbai, Edubridge provides vocational training for low-income youth across Maharashtra, Tamil Nadu, Karnataka and Chhattisgarh.
The investment is part of Acumen Fund’s education portfolio, which aims to support private sector initiatives that increase access to low-cost, high-quality learning and employability services for the poor.
“Edubridge is an early-stage company that has tremendous potential to significantly alter the landscape of opportunities for the rural youth in India. This is just one example where we can help enterprises and where government and commercial players have not fully met the needs of the poor. These investments allow us to leverage our patient capital to help launch businesses with creative approaches to major social issues,” said Jacqueline Novogratz, CEO and founder of Acumen Fund.
Edubridge targets the youth aged between 18 and 25, who are typically the first formally employed members of their respective families. Till date, the company has trained over 1,500 students and with this investment, Edubridge plans to scale its services from 12 to 30 centres over the next two years. The National Skill Development Corporation (NSDC) is also a key investor in the company.
“Edubridge’s goal is to fundamentally address the employability gap within India,” said founder Girish Singhania.
A global fund, Acumen has supported many such social entrepreneurship initiatives in countries like Ghana, Pakistan, Rwanda, Tanzania, Kenya, Nigeria and Uganda, apart from India.
(Edited by Sanghamitra Mandal)
Acumen Fund is a $100 million venture capital fund managed by Acumen Fund Advisory Services India Pvt. Ltd. It provides fund to small and medium companies operating in the fields of water, housing, health, energy and agriculture sectors. It typically invests between $0.25 million to $3 million in its portfolio companies.
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Edubridge Learning Pvt. Ltd. is engaged in providing education and training services. The company offers the edubridge way, where it offers education and training to rural youth, teambridge, where it provides training and jobs to semi urban and rural youth, it provides courses in information technology, retail, sales and marketing, banking and financial services and accounting, employbridge, where it offers training program for college students, the modules are spoken english, professional english communication, written english communication, email etiquette, presentation skills, telephone etiquette, positive attitude and others, skillbridge, it offers training programme for art of selling, people management and leadership skills and personality development, governmentbridge, where it offers training to high school students, degree college students, unemployed youth, industrial training students. The company was incorporated in 2009 and is based in Mumbai, Maharashtra with additional offices in Pune, Bangalore and Hyderabad.