Delhi- based education marketplace, Edukart has raised $1 million from Holostik Group’s United Finsec, cricketer Yuvraj Singh’s YouWeCan Ventures and early stage fund 500 Startups. Existing investors including Vijay Shekhar Sharma (Founder, PayTM), Manish Kheterpal (Ex- Director of Providence Equity Partners), Amit Patni and Arihant Patni of Patni family, and Stanford Business School alumni angels have also participated in the current round.
In 2013, the startup had raised $500K in seed funding led by French origin Kima Ventures and others. Till date, the firm has raised a total capital of $2 million.
The new funds will be utilized for further upgrading the marketplace platform, increasing course portfolio and strengthening marketing efforts. In the next three years, the company is looking to drive gross enrollment sales of over $100 million for its course providers, by enrolling 100,000+ students annually. At present, over 2,000 courses listed on its platform working with more than 90 educational organizations including institutions, coaching centres and universities.
EduKart.com was started in 2011 by alumni of Stanford University, Ishan Gupta and Mayank Gupta (IIM). It is an online platform for enrollment into online and distance degree, diploma and certificate courses. Also, the company is targeting targeting revenue of $8-10 million and looking to announce its first profit by the end of this fiscal.
The total education sector of India is pegged at over $60 billion, with approximately 50% in higher education sector, 40% in K12 sector and 10% in coaching, skilling and other non-formal areas with thousands of educational institutions and companies in each of these areas.