uFony Services Pvt. Ltd, a Pune-based edtech company, has raised funding from The Chennai Angels (TCA) and a few other angel investors.
The capital will be primarily utilised to boost the company's interactive platform named School Diary that caters to K-12 schools, as per a press statement.
"School Diary is being leveraged by schools across Asia, Africa, Europe and South America. It is generating interest from a lot of school districts in the US,” said Ashish Chaturvedi, founder of uFony.
The funding sum was not disclosed.
Chaturvedi, an alumnus of IIM-Calcutta, launched the company in 2012. Prior to that, he was engaged with tech major Infosys.
uFony provides SAAS (software as a service) solutions to over a 1,000 educational institutes including colleges, schools, coaching, pre-schools, and daycares across 10 countries.
“The traditional education system that schools followed pre-COVID has led to a disruption in studies for students across the globe. Platforms like School Diary have paved the way for education to be advanced, accessible and, most of all, fun," said Chandran Krishnan, CEO at TCA.
Established in November 2007, TCA is one of the leading angel networks in India. It is sector and geography-agnostic, and has made 52 investments till date. It says it has a 20% exit track record across enterprise solutions, consumer products, education, healthcare, automotive, gaming, and other sectors.
Deals in edtech
The larger edtech segment in India has been the object of investor attention over the last few years. The most heavily-funded startup is Byju's, which is part of the unicorn club of startups to be valued at $1 billion or more.
On Thursday, Vedantu Innovation Pvt. Ltd raised $100 million (Rs 752 crore at current exchange rates) in a Series D funding round led by US-based investment firm Coatue Management.
Earlier this month, Lightbox Ventures led a $7.2 million (around Rs 53 crore) pre-Series B funding round in Flinto.
In June, the edtech arm of Sai Estate Consultants Chembur Pvt. Ltd raised funding from Bollywood actor-producer and entrepreneur Suniel Shetty.
Also last month, Inflection Point Ventures invested $150,000 in Edvizo Media Pvt. Ltd.
There have been acquisitions in the space too. Unacademy, which is backed by the likes of Facebook Inc., struck its third reported acquisition of the year earlier this week by picking up a majority stake in Mastree.
The other companies it has acquired are medical education platform PrepLadder and online exam preparation startup Kreatryx.