Ed-tech company Stones2Milestones gets funding from US investment firm
Ed-tech company Stones2Milestones Edu Services Pvt. Ltd has raised funding from US-based early-stage investment firm Unreasonable Capital, according to their websites.
Gurugram-based Stones2Milestones and Colorado, US-headquartered Unreasonable Capital haven't disclosed the amount.
However, 10-year-old Stones2Milestones has raised $650,000 (Rs 4.5 crore at current exchange rates) in total thus far, according to the website of Unreasonable Group.
Unreasonable Group was founded by entrepreneur Daniel Epstein. He also leads Unreasonable Capital along with partner Ashok Reddy.
This is the first India investment by Unreasonable Capital, which has previously invested in other emerging market economies such as Nigeria and Brazil.
Unreasonable Capital typically contributes 25% of a financing round, from $50,000-$500,000, its website shows. "As a global fund, we invest only when an approved local investor also participates in the financing," it adds.
According to the Mint newspaper, which first reported the funding, InMobi co-founder Piyush Shah has also invested in Stones2Milestones. The report also said that ES Rao, chairman of IFCI Ltd, is also an investor in the startup.
Unreasonable Capital didn't immediately respond to an email seeking comment. Founders of Stones2Milestones couldn’t be reached.
Stones2Milestones is an English-teaching venture for kids of age 3 to 9 years, according to its website. It was started by Kavish Gadia and Nikhil Saraf. Gadia is an alumnus of the Indian Institute of Management, Lucknow. Saraf grauduated from the Mudra Institute of Communications, Ahmedabad.
Ed-tech in India has received a lot of investor interest in the recent past. While Bengaluru-based Byju's remains the most-funded startup in the segment, other companies that have raised funding this year include Buddy4Study, Toppr, CollegeDekho and iNurture.
Buddy4Study raised $3 million in Series A funding from existing investor CBA Capital in March. Toppr mopped up $100,000 while CollegeDekho mobilised$2 million in February. The same month, Pune-based Rubix108 Technologies secured $1 million in a round led by Polaris Fund.