Chennai-based education company Multistory Learning Ltd has raised $45,000 as angel funding from two undisclosed angel investors.
Promoted by Amrutash Misra, an IIT Madras alumnus, MultiStory Learning Pvt Ltd is an year-old company that runs a curriculum product in the English learning called "Book Lovers' Program for Schools" (BLPS).
The Book Lovers' Program for Schools aims to influence children to become avid readers and improve their communication skills, comprehension and creative thinking. In the last 18 months, it claims to have increased the number of readers from 15 per cent of students in patron schools to over 80 per cent.
MultiStory Learning is a sister concern of The ilovereadin’ library, which is promoted by Misra. He also promotes the packed meal service www.StorElf.
Naresh R, CEO of MultiStory Learning told VCCircle, “There are two angel investors who have come together to fund this round. They are both first time angels and don’t want their names to be disclosed. This money has been raised to fund the sales effort for the coming academic year that is to cover cost of sales”.
“We are currently operating in Tamil Nadu and expanding to Karnataka, Kerala and Andhra Pradesh. We should be able to expand by 7x to 10x times in terms of children we reach out to. We haven't formulated plans for the next few years. We are taking it one year at a time and are looking for our next round of funding to be in Q3 2013-14,” he added.
Multistory Learning has partnership with 20 Chennai schools including P S Senior, Bhavans Rajaji and Vidya Mandir. It plans to expand its patronage to 100 schools.
In the same space, Karnataka-based rural education service provider Hippocampus Learning Centres raised $1.2 million from Lok Capital and Acumen Fund in May last year.
(Edited by Prem Udayabhanu)