Kuzagan Technologies, which owns artificial intelligence (AI)-based edtech startup Winuall, said it has raised an undisclosed amount in an ongoing seed funding round from a clutch of angel investors.
Livspace co-founder Ramakant Sharma and Park+ co-founder Amit Lakhotia led the round, the Bengaluru headquartered company said in a statement.
Instamojo co-founder Akash Gehani, Onsitego vice president Abhinav Patwa, and returning investors Ola co-founder Ankit Bhati and Milkbasket head of engineering Nitin Gupta participated in the round, it said. The startup received the first set of seed capital in a funding round led by Bhati and Gupta in May.
The fresh funds will be used to scale the edtech company’s software-as-a-service (SaaS) business and provide tutors access to an ecommerce store and financial aid, a statement said.
“Our SaaS business is already on the fast growth and profitability path. We aim to empower more than 100,000 tutors in the next 2-3 months to become the Shopify for tutors,” S Ashwini Purohit, founder of Winuall, said.
Purohit set up the company in 2018, with team members Pratik Sahay, Abhinav Prakash, Aniket Prakash and Harsha Ravi. Winuall leverages AI to provide coaching institutes and educators access to digital services, content and recommend performance improvement solutions.
The startup has a presence in over 50 cities across India
“Online education is not new in the year of 2020. Talking just about India, the market value of education is more than $100 billion, and it is expected to see a rise of double in under a decade. Hence, it is time for the tutors to come up on the web and explore the opportunities,” Livespace co-founder Sharma, the lead investor in the current round, said.
Winuall said it has achieved ten-fold growth, with 70% month-on-month increase in revenues and transactions.
The edtech sector has witnessed multiple deals in the past couple of months.
Last week, online learning platform Byju’s acquired Whitehat Education Technology, which provides online coding language courses for children under the brand WhiteHat Jr, in a $300 million all cash deal.
Last month, Ernakulam based Entri Software closed a seed funding round, dubbed a pre-Series A round, at $3.1 million.