Upskilling startup AlmaBetter Edutech Pvt. Ltd on Wednesday said it has secured seed funding of $2.7 million (around Rs 21.6 crore) from venture capital firm Kalaari Capital and a clutch of angel investors and founders including Vidit Aatrey (Meesho), Rajesh Yabaji (Blackbuck) and Varun Alagh (Mamaearth), among others.
The Bengaluru-based firm will deploy the fresh proceeds to widen its offerings to college students as well as to scale its reach for graduates and working professionals.
Founded in 2020 by Shivam Dutta, Vikash Srivastava, Ravi Kumar Gupta, Arshyan Ahsan and Alok Anand, AlmaBetter offers flagship programmes to help learners launch their careers across data science, software development and blockchain. The startup aims to upskill 60,000 learners by March next year.
“We at AlmaBetter are providing A tech upskilling platform for the Indian youth. Leveraging artificial intelligence for personalized learning experiences and minimizing the operational footprint has enabled us to provide quality education and job outcomes,” said Dutta.
“India is blessed with immense youth potential, but the lack of industry-relevant education is posing serious threats to their employability. This calls for innovative and affordable upskilling platforms which deliver quality learning outcomes at scale. AlmaBetter is doing just that…” said Kiran Vasireddy, Partner at Kalaari Capital.
Kalaari Capital has been investing in technology-focused startups in India and recently led $1.5 million investment in Delhi-based edtech company Outscal. In August, it had invested in skincare brand Deconstruct.
The edtech industry, which boomed during the pandemic as teaching moved online, has witnessed major funding crunch and moderation in valuations with the reopening of educational institutions.
With a focus on conserving costs, several have resorted to mass layoffs and trimming discretionary spending.