Thiruvananthapuram-based edtech startup ConceptOwl, owned by RankSurge Learning Pvt. Ltd, has raised Rs 3.5 crore (around $500,000) from seed-stage investment platform Indian Angel Network.
The funding round was led by IAN investor Ankit Somani, who will also join ConceptOwl’s board.
According to a company statement, the startup will utilise the capital infusion to enhance and diversify its offerings, as well as to bolster its sales and marketing operations.
Founded in 2016 by IITian Rajan Singh, a police-commissioner-turned-entrepreneur, ConceptOwl delivers science and mathematics coaching to school students in Tier-II and Tier-III cities at affordable prices.
According to the statement, ConceptOwl is targeting hyper-growth in a market that is estimated to be worth Rs 20,000 crore.
ConceptOwl replaces teachers with trained local facilitators or instructors who use video recordings of teachers to provide students with a learning experience. The firm plans to build a doubt-solving repository of FAQ videos powered by artificial intelligence (AI) and aims to produce more video-based content in Hindi and other vernacular languages.
In addition to building a digital repository of FAQs for students, ConceptOwl is also gearing up to launch a franchise programme. As such, the company will consolidate small tuition centres onto its platform, which will further strengthen its doubt-support programme for both local students and those connected online.
“Although online courses do exist, students mostly find learning in a classroom setting more comfortable. It is understandable as it is difficult to not get distracted by other functions of a digital device at such a tender age. On the other hand, due to the absence of good tuitions and coaching services in Tier-II and Tier-III cities in the country, most of the high-potential students end up falling short of receiving the kind of education they deserve," said Singh.
Deals in the space:
- March 2019: Quiz-based learning edtech startup iChamp raised undisclosed pre-Series A funding from Raju Shukla, chief executive officer at Singapore-based Ariana Investment Management.
- March 2019: Ed-tech unicorn Byju's raised $4.76 million (Rs 33.2 crore then) in a fresh round of funding from existing investor and New York-headquartered private equity firm General Atlantic.
- February 2019: Hyderabad- and US-headquartered Bulbul Inc. raised Rs 3.5 crore ($500,000) in fresh funding.