Stumagz, an online communication and collaboration platform for educational institutions, has raised an undisclosed amount in angel funding from a group of US-based investors.
The company said in a statement that the angel investors include Venkat Subramanian, president and chief operating officer of cloud solutions firm Solunus Inc, serial entrepreneur Sudhakar Pennam, and other tech investors from Silicon Valley.
Run by Right Process Infotech Pvt. Ltd, the company was founded in November 2015 by Sri Charan Lakkaraju, a former Infosys employee, and Fredy DSV.
The firm said it will use the money to upgrade its technology, acquire new customers and expand into new territories.
“We are growing at a healthy pace, and our offerings have evoked considerable interest among our potential customers," said Lakkaraju.
Stumagz currently has around 35 customers using its services. It helps various stakeholders at educational institutions to engage using a single cloud-based online platform.
For instance, an institute may establish a complete end-to-end communications protocol, accelerate recruitment process, list all campus happenings for the benefit of its stakeholders, engage with alumni, and also attract accreditations for the institute through the platform.
“In addition to digitising college platforms, we are also actively helping students from partner institutions get internship opportunities at numerous multinational giants and start-ups alike,” said co-founder Fredy, who has previously worked with three other startups.
The company currently has 18 employees.
Stumagz's peers include CollPoll, which runs a web- and mobile-based platform that aims to connect all stakeholders in the education sector.
In January, Bengaluru-headquartered Butterfly Innovations Pvt Ltd, the operator of CollPoll, had raised an undisclosed amount of funding in a pre-Series A round.
India’s online education industry is expected to grow almost eight times to $1.96 billion by 2021, with the number of paid users rising six-fold to 9.6 million, according to a joint report by search giant Google and consultancy firm KPMG.
Two other ed-tech startups announced on Tuesday that they had raised funding.
Mumbai-based ed-tech startup Callido Learning LLP has raised $2 million (Rs 13 crore) from a UK-based publisher, a person in the know told VCCircle.
In addition, Gurgaon-based ed-tech startup Doubtnut has raised a pre-Series A round amounting to Rs 3.5 crore ($539,000) led by WaterBridge Ventures. Leave Your Comment