Edtech startup Filo on Thursday said it has racked up Series A funding of $23 million (around Rs 172.5 crore) led by Anthos Capital.
The round also saw participation from existing investor Better Capital, with GSV, Sapling Capital, Gokul Rajaram, Rob Frohwein (Co-Founder - Kabbage), Mate Pencz and Florian Hagenbuch (Founders, Loft) and Ross Lipson (Co-Founder, Dutchie).
The platform said it will use the fresh funds for boosting its product portfolio, tapping into new categories, team expansion and scaling its India’s tutor base.
Filo claimed that over 1.5 million users have downloaded its app, besides, the platform witnessed over 350,000 monthly active users, along with student reviews.
In the next 12 months, the firm aims to onboard over 200,000 tutors across India and conduct two million live classes every day.
Earlier, Filo raised a pre-seed round at the idea stage and then a $2 million seed round in September 2021 - both from Better Capital, while working in stealth mode, it said in a statement.
Filo, founded by Imbesat Ahmad, Shadman Anwer, and Rohit Kumar, is a platform that links students with subject-matter experts in less than 60 seconds.
Students get access to live, one-on-one video learning sessions 24 hours a day, seven days a week.
The platform caters to kids in grades 8 through 12, as well as those studying for ACT, JEE, NEET, and SAT entrance examinations.
“One of the biggest challenges that students face in their journey is learning gaps which become visible when they are attempting to solve problems on their own. Quick resolutions at this time, when they are fully involved, smoothens their path extensively. However, building a solution like this requires deep engineering and AI capabilities; which is what we have been working on for the last 1.5 years,” said Imbesat Ahmad, Co-Founder and CEO of Filo.
He added, “We have also proven a cash-efficient high pull model which is a first of its kind in the current edtech space. This round of funding will give exponential pace to an already hyper-growth trajectory of Filo and help us scale the tech and innovation opportunities.”
According to a BLinC Investment Management report, India's edtech sector is expected to grow at a CAGR (compound annual growth rate) of over 15% from $2.8 billion in 2020 to $30 billion in 2030, making it the world's most active edtech market.
