Alpha Wave Incubation leads Series A funding in edtech firm Kyt
Kyt Technologies Pvt Ltd, which operates a platform focussed on extracurricular learning for children, has raised $5 million (Rs 36 crore).
The round in the Bengaluru-based company has been led by Alpha Wave Incubation, a $300 million single-LP venture fund anchored by Abu Dhabi’s ADQ and managed by Falcon Edge Capital.
Other participants in this round include Sequoia Capital India’s Surge, January Capital, Titan Capital, and angel investors, Kyt said in a statement. The development also marks Singapore-based January Capital’s first bet on an Indian company.
This fundraise comes after Kyt in November last year raised $2.5 million (around Rs 18.5 crore) in a round led by Surge. Other investors in that exercise included Titan Capital, Pine Labs’ Amrish Rau, Jupiter Money founder Jitendra Gupta, and Cred founder Kunal Shah.
Kyt was set up in June last year by Bhavik Rathod and Tripti Ahuja. Rathod was a founding leader for Uber India and the head of Uber Eats in India and South Asia. Ahuja has spent 10 years designing customer experiences for top companies globally.
The company says its platform operates online-only extracurricular courses by combining live sessions with video-based revision materials for children between the ages of five and fifteen. Some of the disciplines it offers include courses in yoga, dance, music, and chess.
The firm will use the capital it has raised to improve its technological and product infrastructure, as well as enhance experiences for students. As part of this fundraise, it will also build out a team of data scientists and product managers in Abu Dhabi.
Kyt says students on its platform hail from India, the United Arab Emirates, and Singapore. It is looking to expand this presence to countries including the United States, United Kingdom, and Canada.