uFony scores Series A funds to scale international market, improve digital presence

uFony scores Series A funds to scale international market, improve digital presence
17 Jul, 2020

uFony Services, which owns and operates an edtech platform School Diary, has raised capital in a Series A funding round from The Chennai Angels and other undisclosed independent investors.

Financial terms of the deal were undisclosed. 

The Pune headquartered firm plans to use the fresh funds to improve its digital presence and enroll business partners to scale up in the international market, as per a 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. With smartphone penetration on the rise and digital learning gaining acceptance, we expect more and more schools in the US and other countries to sign up for School Diary,” Ashish Kumar Chaturvedi, founder of the eight-year-old company, said. 

He set up School Diary with Anil Kumar Chaturvedi to provide an interactive education platform on smartphones. The app offers virtual classes for K12 schools; parent engagement, school administration and location tracking solutions; student information systems, and an e-store to shop for school supplies. The company also has an office in Uttar Pradesh.

The firm last raised capital in 2014 when Shehad Holdings, Kalpataru Ventures and R Ramraj, an angel investor from The Chennai Angels, infused $41,663 in it. It also raised a seed capital of $127,287 from the same investors in 2012.

uFony also provides software-as-a-service (SaaS) solutions to over 1,000 educational institutes across more than 10 countries, the statement said.

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“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. Students seem to enjoy the idea of online classes, a trend that might become essential in the near future,” Chandran Krishnan, CEO of The Chennai Angels, said. 

The sector-agnostic angel investment group, established in 2007, has made 52 investments so far. It recently backed online kitchenware brand Indus Valley.

The edtech space has seen significant activity this month.

Last week, online test preparation and learning platform Unacademy acquired postgraduate medical entrance exam preparation platform PrepLadder for $50 million. Around the same time, Jaipur headquartered edtech company Edhusk raised an undisclosed amount in an angel funding round from Mumbai Angels Network.

At the beginning of the month, early childhood-focused edtech startup Flinto Learning Solutions scored $7.2 million in a bridge funding round, dubbed a pre-Series B round, from returning investor Lightbox Ventures.