Bengaluru-based AEON Learning Pvt. Ltd, which offers online degree programmes and skill development courses, has raised $3.2 million (Rs 20.43 crore) in a Series B round from MEMG Family Office LLP, the company said.
“AEON will use the latest investments towards growing business from its university partnerships, and skill programmes. The startup expects to reach a student base of over 100,000 in the next five years. It currently operates in India and the US,” the company said in a press note.
MEMG Family Office is a fund set up by Manipal Education and Medical Group chairman Ranjan Pai.
AEON Learning was founded by Karthik KS and Vikalp Jain. The company has a student base of 20,000 spanning 66 countries, and works with seven institute and university partners, 36 corporate partners. About 20% of its business originates from the US.
Aeon Learning came into existence in November 2017, following the merger of online education technology service provider Avagmah and online skill development course provider Acadgild.
“The combined and complementary strengths of Avagmah and Acadgild have already positioned AEON Learning at the forefront of the tech-enabled education revolution in India. With a proven track record of successful execution, we are now ready to scale up and serve more users with an integrated portfolio of technology skills and in-demand higher education courses,” said Karthik KS, who is also the CEO of AEON Learning.
“AEON Learning has the right product portfolio and a highly competent leadership team, which is making a difference in the evolving online education industry. The global online education market opportunity is huge, and we support AEON Learning as they gear up to leverage this opportunity,” said Pai, the CEO and managing director of MEMG.
AEON Learning has so far secured $6.5 million from marquee investors, including Infosys co-founder Kris Gopalakrishnan, Hexaware founder Atul Nishar, and Aptech Computer Education; besides Singapore based Lionrock Capital.
In 2016-17, AEON had expanded its operations from South India to over 150 towns and cities across the country. It posted combined growth of 100%, and plans to expand to new geographies and go global with its academic collaborations. The company will continue to explore fundraising opportunities, the company said.
Many other Indian ed-tech startups have raised investor money in the recent past.
Last week, Pune-based Rubix108 Technologies had secured $1 million in a pre-Series A round led by Polaris Fund, while Bengaluru-headquartered Butterfly Innovations Pvt Ltd, which operates communication and collaboration platform for educational institutes CollPoll, raised an undisclosed amount in a pre-Series A round.
Ronnie Screwvala-owned U Education Management Pvt. Ltd, which runs UpGrad, was also set to raise about $40 million in its first round of external funding.
In December 2017, Bengaluru-based online ed-tech platform Springboard had raised $9.5 million in a Series A funding round.