Speakwell English Academy, a Mumbai based English fluency training institute, has raised angel funding from Mumbai Angels. The amount of investment remains undisclosed. Praveen Chakravarty, co-founder and Board member, Mumbai Angels has confirmed the development to VCCircle.
Speakwell was formed two years ago and has 55 centers in Mumbai currently. It claims to have the highest market share in Mumbai with over 50,000 students in the city. Speakwell provides its services for business owners, senior managers, students and housewives. The company also trains in personality development. It also has a placement cell.
The company's founder and CEO is Aslam Moosa, who has worked with Bajaj Auto, IBM and Computer Associates, previously. The company also has a franchisee model and has a presence in 12 states in the country. Chennai-based Veta could be the largest in this business. It had raised $10 million from SAIF Partners in 2007.
Vocational training institutes are likely to emerge as favourites among investors as many of them are looking to invest in education space due its non-cyclical nature. The space is already seeing some traction now.
Recently, Global Talent Track, which provides short and long term courses to address manpower gap, raised funds from Intel Capital and Helion Ventures. In December last year, Kuwait-based educational company Al Tanmiya Holdings, picked up a 45% stake in automation training firm Prolific Systems and Technologies for Rs 11 crore.
Mumbai Angels is a network of angel investors with 15-odd active members. It has invested in companies like Apalya (mobile TV), AtYourPrice.in (distressed inventory travel website), Canvera (digital photo), Textual Analytics Solutions (text mining), and mKhoj (mobile advertising).