Ken42 EdTech Pvt. Ltd, an edtech startup focused on institution management, has raised Rs 11 crore ($1.4 million).
The Bengaluru-based startup has raised this capital from investors including sector-agnostic Turbostart, a pan-India programme that mentors early-stage startups through cohorts. Ken42 was also born out of Turbostart.
Other backers in this round include Muralidhara C, managing partner at law firm Murali & Co. Advocates; and Mohan Raju Manthena, a director at construction firm SRK Infrastructure, a Ken42 spokesperson told VCCircle.
Ken42, founded last year by Ganesh Raju, says its platform helps institutions create better student outcomes as well as actionable insights for administrators.
It will use the capital it has raised for product development, as well as scaling up its marketing, business development and operations. The startup says it also enables online classrooms and examinations, and certificate courses from universities.
The company has also launched a Turbostart-backed programme – the StartNXT Ideathon – for college- and university-level students. The top three winners from the programme, which will be conducted in association with FICCI, will receive funding up to Rs 2 crore each.
They will also get opportunities to work with startups and be mentored by Turbostart advisers.
Raju said the programme had been launched because of a lack of available funding for early-stage ventures owing to the Covid-19 pandemic. “We have observed several startups struggling to keep their head above the water, let alone students who have to put an indefinite halt to the launch of their entrepreneurial journey,” he added.
Deals in the ed-tech space
The investment in Ken42 underlines continuing interest in the education-technology space, where both name-brand and early-stage startups have continued to raise funding. Covid-19-induced lockdowns and school closures have also increased the demand for the services provided by these firms.
Reports on Monday suggested that Byju’s was in advanced talks to acquire learning app Doubtnut, with the ed-tech giant looking to expand its reach in smaller cities and towns. Byju’s reported offer values Doubtnut at up to $150 million (around Rs 1,133 crore).
Last week, VCCircle reported that online tutoring platform Vedantu Innovations Pvt. Ltd had made a strategic investment in an edtech startup based in the National Capital Region (NCR).
In June, the ed-tech arm of Sai Estate Consultants Chembur Pvt. Ltd raised funding from Bollywood actor-producer and entrepreneur Suniel Shetty. Also last month, Inflection Point Ventures invested $150,000 (around Rs 1.14 crore) in Edvizo Media Pvt Ltd, a startup that acts as a marketplace for competitive examination institutes.