Educational software and solutions company Serosoft Solutions Pvt Ltd has raised Rs 30 crore ($3.6 million) in Series A funding from investment management firm SIDBI Venture Capital Limited.
It plans to use the fresh funds to accelerate global growth across key markets in North America, Europe and Australia, build new features into the product and onboard talents.
Founded in 2008, Indore-based Serosoft helps educational institutions including universities, colleges, schools to track the entire student lifecycle, assess students and analyse results and their progress, bringing the stakeholders across the ecosystem on one platform.
“We believe that founders have built a great sustainable business and are primed to expand globally & become a globally competitive player,” said SP Singh, Chief Executive Officer (CEO), SIDBI Venture.
Serosoft had reported an operating revenue of Rs 23.67 crore and profit of Rs 4.55 crore in FY2021, according to its latest available financials.
The deal marks the SIDBI Venture’s second investment out of “Ubharte Sitaare Fund”, a Rs 500 crore fund for medium Micro, Small and Medium Enterprises focused on scaling up in the export markets. The fund announced its first close of Rs 285 crore in March this year. SIDBI Venture Capital is a wholly-owned subsidiary of the Small Industries Development Bank of India. It has previously invested in Stovekraft, Mosambee, Billdesk among others.
