Michael & Susan Dell Foundation (MSDF) has led a Rs 33.1 crore (around $5 million) round of funding in Delhi-based test prep startup Avanti Learning Centres.
Avanti will use the funds to expand its centres and to develop its curriculum and technology.
Asha Impact, an impact investing and public policy organisation, and existing co-investors Ted Dintersmith and Pearson Affordable Learning Fund (PALF) also participated in this round. This is Avanti’s third round of funding, according to a report by YourStory.
A formal announcement from the company is expected shortly.
Queries on this development sent by VCCircle to Avanti did not elicit any response till the filing of this report.
In April 2015, the company had Rs 9.6 crore ($1.5 million) in a Series A round of funding led by MSDF, with participation from PALF, Ted Dintersmith and Draper Richards Kaplan Foundation.
Avanti received its first round of funding, from publishing and education services company Pearson Plc’s Pearson Affordable Learning Fund (PALF) and two angel investors in December 2013 .
Established in March 2010 by IIT alumni Akshay Saxena and Krishna Ramkumar, the startup helps children from low income families prepare for college entrance tests. Instruction is delivered using technology, video content and detailed instructional design, and classroom sessions ensure that students interact with subject matter experts. Currently, the company operates in 20 cities including Mumbai, Chennai, Delhi and Kanpur.
In January 2015, MSDF had invested Rs 20 crore (over $3.2 million) in Chennai-based social enterprise incubator Villgro Innovations.
iSTAR Skill Development Pvt Ltd, a Bangalore-based vocational skills training provider, had in November 2015 raised Rs 10 crore ($1.5 million) in Series A round of funding led by Michael & Susan Dell Foundation (MSDF).
In November 2015, PALF along with VC investor Aavishkaar India II Company Ltd invested $2.3 million (Rs 15 crore) in a Series A round of funding in education services firm Karadi Path Education Company Pvt Ltd.