Mumbai Angels Network bets on ed-tech startup Any Time Classes

By Narinder Kapur

  • 18 May 2020
Credit: Pixabay

Any Time Classes Educational Services Pvt. Ltd, which operates an eponymous education startup focussed on app-based visual content, has raised funding from the Mumbai Angels Network.

Nandini Mansinghka, co-promoter and CEO at Mumbai Angels Network, said in a statement that the firm sees a lot of potential and growth in the e-learning sector.

“Everything is turning to the virtual format and everyone is adapting to digital learning platforms as the new normal,” Mansinghka said.

New Delhi-based Any Time Classes (ATC) was incorporated by PS Rathore in 2017. The startup says it caters to post-class X commerce students and those seeking professional qualifications such as CS, CPA, CFA and MBA.

The company did not disclose the amount it raised from the Mumbai Angels Network.

Rathore is a professional chartered accountant and has also set up other educational institutes. He has also consulted with businesses and acted as a motivational speaker as well, according to his LinkedIn page.

“As the world is moving towards change, we have a conviction that we moved at the right time,” Rathore said while speaking of the firm’s decision to raise funding.

The investment in ATC is representative of the wider interest that ed-tech has garnered in recent years. The attention to space has skyrocketed since the COVID-19-caused nationwide lockdown came into effect in March, with even the government pushing for the promotion of digital educational initiatives.

Last month, for example, the government exam-focussed Pariksha raised an undisclosed sum of funding as an extension of its pre-Series A round. The extension exercise was led by INSEAD Angels, with participation from IIT-Kanpur Angels, Nikhil Vora and Swati Mehra of Sixth Sense Ventures, among others.

That month, online tutorial platform Lido Learning raised around $13.5 million as part of its Series B financing. Also in April, venture capital firms Matrix Partners and SAIF Partners invested $4 million (Rs 30 crore) in ed-tech platform Camp K12.

Mumbai Angels Network

The angel investment group was established in 2006 and says it has over 400 members across chapters in cities including Delhi, Bengaluru and Kolkata. The group says it has over 135 companies in its portfolio and claims more than 30 exits with a cumulative investment of over Rs 150 crore.

According to VCCEdge, the data research arm of Mosaic Digital, some of the companies in its portfolio include CarterPorter Pvt. Ltd, Dhruva Space Pvt. Ltd and Leadstart Publishing Pvt. Ltd.

Earlier this month, it invested in Tecso Charge Zone Pvt. Ltd, which operates an electric vehicle (EV) charging startup Charge+Zone.

In April, it invested in Arcis Clean Energy Pvt. Ltd, which operates an electric-vehicle based travel tourism platform, BLive. At the end of January, Mumbai Angels Network took part in a $3 million (around Rs 21.40 crore) pre-Series A funding round in advertising-technology startup Adonmo Pvt. Ltd. The round was led by the Ant Financial-backed BAce Capital.

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