Employability credentialing firm Aspiring Minds has set up a fund of $1 million (around Rs 6.5 crore) so as to provide seed capital to startups in educational technology and employment technology businesses.
The Gurgaon-based company’s fund will be largely focused on India, China and the US. The funds will be invested over a period of 12-18 months. Startups that will interest the company and will also be eligible for funds would be engaged in area of mobile technology and data sciences related to education and recruitment, as reported by ET.
Himanshu Aggarwal, Co-Founder and CEO said, “The company has come across a lot of startups with sound products in these markets. Being new and small in size, these companies are not able to raise funds for scaling up. We will be investing in such companies.”
The company along with investment also plans to guide the startups till the stage of maturity. It also plans to assist innovative ideas and fledgling companies by providing market access and advice on execution. As the founder said, the company is not looking at technology sharing but looking for options to invest and exit at the right time. “From an employability firm, we are now turning into an incubator,” quotes Aggarwal.
Aspiring Minds Assessment Pvt. Ltd. provides a methodology to search candidates matching the job profile by using filters on multi-dimensional skill analysis of a pool of candidates for institutions and companies in India. It’s services include an assessment platform (AMCAT) that provides statistical feedback to judge the employment suitability of the candidate.
The company has presence in the US, China, West Asia and Southeast Asia. It has tied up with over 2,000 companies. Founded in 2007 by Himanshu Aggarwal and Varun Aggarwal, Aspiring Minds raised a Series A investment of $2.5 million from Omidyar Network in 2011. Talking about raising a second round of capital, Aggarwal said, “We will take a call when we find like-minded investors.”
In August 2015, Aspiring Minds acquired mobile software development company Mizcoin for an undisclosed amount. A growth has been witnessed in the education and employment technology sector, with many new startups emerging. As per a TechNavio report the online form of education in the country is deemed to touch CAGR of 17.50 % by 2019. With the developing technology the education as well as employment sector is revolutionizing.