IndigoLearn, Hyderabad based Finance & Accounting focused Ed Tech Startup announces raising of $150K in its seed round.
Angel investors based out of India, US & Europe participated in this round.
IndigoLearn provides e-learning solutions to students and professionals in Accounting & Finance domains.
The ed-tech venture, founded in early 2017 by Sriram Somayajula, ex VP Finance of Furlenco, Sathya Raghu renowned CA faculty, Suraj Lakhotia all India CA Topper, Sarat Veulmuri a techie from BITS Pilani, along with the visual effects team from Thunder Studios has brought in a fresh approach to Accounting & Finance education in India.
With byte sized modules and rich visual-content based learning pedagogy, IndigoLearn has launched courses for students pursuing CA, CS & CMA in the last 12 months. It has a visual effects team from Hyderabad-based Thunder Studios, which undertook movie projects like Baahubali.
In next 12-15 months, IndigoLearn is planning to launch learning modules for other global professional courses and students of classes XI & XII.
Mr Maheshwar Peri, CEO of career360.com, one of the angel investors who participated in this round said, “There is a dearth of quality players in this space. I see good potential for players like IndigoLearn.With their student-focused approach and high-quality content backed by the extensive use of technology& analytics, IndigoLearn can substantially improve learning outcomes for the students.”
In last 12 months, the Company has helped over 5000 students across the country to prepare for their CA examinations. The Company has tied up with educational institutions and boarded several faculties in the last few months.
Mr Jamshed Jeejeebhoy, Director Byramjee Jeejeebhoy Private Limited, one of the angel investors who participated in this round said “The team at IndigoLearn is focused on solving the problem of access to quality education. Their holistic approach and strong desire to change the way students learn subjects like accounting & finance offer a unique value proposition.”
The Company is looking to expand its student base 10x in next 12 months on the back of its funding and new product launches scheduled in the coming months.
Prior to founding IndigoLearn, Somayajula, a chartered accountant and ISB Hyderabad alumnus, led the finance function at furniture e-tailer Furlenco. His work portfolio includes Coromandel International Ltd, which is part of the Murugappa Group, BNP Paribas and Agro Tech Foods Ltd.
Sriram Somayajula, CEO of IndigoLearn said “we have received excellent response from the student community to the new-age way of learning. Noticeably, a large number of students are from non-metro locations. The students’results speak for themselves. Our pass percentages are 50% higher than the average and we have tens of rank holders amongst our students, including all India first rankers. Students want us to launch modules for additional subjects quickly; funds raised in this round would be used for content and product development.”
Lakhotia’s experience includes working in oil and gas company Bharat Petroleum and Singapore-based commodity trading company Trafigura. He also assists international students pursuing chartered accountancy in the US and UK through the Astranti Financial. At IndigoLearn, he is the head of content.
Sathya Raghu, the man behind the teaching pedagogy at IndigoLearn said, “humans can understand and remember what they see and experience, much better than what they read. Complex topics and theoretical subjects, explained with real-life practical stories in a simple, jargon-free language with visual effects go a long way in improving learning experiences. Further, students are provided with analytics, which helps them understand their areas of expertise and areas of improvement.”
Velumuri, who heads technology and product development at the startup, earlier worked with software services firm Infosys, IT consulting and software services firm Tetrasoft India, and mobile app development firm Kony Labs.
Earlier Deals in Ed-Tech This Year
Last month, Buddy4Study raised $3 million (Rs 20 crore) in Series A funding from existing investor CBA Capital, which is backed by the Michael and Susan Dell Foundation (MSDF).
Around the same time, CollegeDekho raised $2 million (around Rs 13.2 crore) in its third round of funding from London-based Man Capital LLP, Girnar Software and other investors.
A number of ed-tech deals were made in January this year. Bengaluru-based iNurture raised Rs 28 crore ($4.4 million) in a Series C funding round led by Ventureast.
In the same month, AEON Learning Pvt. Ltd raised $3.2 million (Rs 20.43 crore) in a Series B round from MEMG Family Office LLP.