Founded by IIT Mumbai alumnus Puru Mishra and NIT gold medalists Sunil Javaji and Arun Kumar, Bengaluru-based online education marketplace Cakart.in has raised angel funding. The investment was led by Sunil Maheshwari, Co-founder and CEO of Mango Technologies, with participation from other unnamed investors. The raised funding will be used for geographical expansion and to scale up its education products.
“With the funding received we want to invest in scaling up the team and spending more on brand creation. This will also help us sustain our growth momentum until we raise more funds from an institutional investor”, said Puru Mishra, CEO and Co-Founder, Cakart.
Launched in 2009, Cakart is an online education marketplace that sells online courses to commerce stream students preparing for various finance exams in India such as Chartered Accountancy (CA), Company Secretary (CS), Cost and Management Accountancy (CMA) and other related exams in the finance segment. Students can choose from a variety of courses and learn from a faculty at their own pace on any kind of device – desktop, tablet or phone.
The company works with more than 50 faculty and organizations and 1000+ listed products. Around 1,80,000+ students are currently signed up with the company. The startup claims that its sales has grown 20 times in the span of the last 18 months. While majority of sales are from around 150+ cities in India, many sales are also from countries such as Nepal, Dubai, Abu Dhabi and Bahrain.
Competition in the finance education segment also includes other online players such as Super Profs and Meritation among others. Earlier this month, New Delhi-based online learning portal, Meritnation which was started in 2007 by IIM Bengaluru alumni Pawan Chauhan and Ritesh Hemrajani, raised $4 million from Info Edge (India) Ltd. In December 2014, Bangalore-based online education startup SuperProfs secured $3 million in series A round led by Kalaari capital and IDG Ventures India.
As per Ken Research, the total Indian e-learning market is anticipated to reach $1.28 billion by fiscal 2018.