KarmYog Media and Entertainment Education Network, a Kolkata-based organisation focused on vocation education in the media & entertainment space through a music academy, has secured funding from Singapore-based investors in lieu of a minority equity stake sale in KYMedia, it said in a statement.
Investors' identity and the investment the company has attracted are not disclosed.
KYMedia is a part of KarmYog Education Network, which imparts scalable vocational training and education.
The company will use the proceeds for its flagship programme Indian Idol Academy, which teaches students aged 6-15 music through its platform. Initially, the programme was started in Ahmedabad and the academy is now looking to expand it to other cities, including Kolkata, Lucknow, Jaipur, Chandigarh, Delhi NCR, Surat, Indore and Bhubaneswar, from next month.
“The investors were attracted to the scalability of our approach and the power of the Indian idol brand coming together to revolutionise performing arts training. We will continue to raise capital to aggressively expand our reach to other major cities," Dr Chuck Schreiner, managing director of KarmYog Education Network, said in the statement.
The launch of Indian Idol Academy will be announced at concerts that will take places in these cities, the statement added.
Many well-known personalities from the music industry including Kavita Krishnamurthy, Alka Yagnik, Salim Merchant and K Hariharan are associated with the company.
Another firm in the music education business which recently raised funding is FSM Education Private Limited, which runs Furtados School of Music (FSM). Mumbai-based FSM raised Series A funding from private investment firm DSG Consumer Partners.
(Edited by Joby Puthuparampil Johnson)