New Delhi: New Delhi-based Ed-tech company, Eupheus Learning (Eupheus), announced today that it had raised USD 4.3 million (INR 30 crore) in its Series A round via a mix of equity and venture debt. Yuj Ventures, the early-stage investment platform backed by the family office of Sid Yog, founding partner of global investment firm, The Xander Group Inc., led the round. Mumbai-based venture capital firm Sixth Sense Ventures, an existing investor in Eupheus, also participated.
Perhaps the only company in the Ed-tech space to turn profitable within 21 months of operations, Eupheus posted revenues of INR 60 crores in FY 18-19. Eupheus will use the new capital to increase nationwide presence, develop new product offerings, and expand the team. With this fund raise, Eupheus will also commence operations in the Middle East and drive international expansion in other markets.
In the first half of FY 19-20, Eupheus recorded a 3x increase in revenues compared to the same period last year. It also increased its geographical presence to 70 cities in India from 52 earlier, expanded its team to 175 personnel, and forged new alliances with 4 international education players, taking its roster of global partnerships to 17.
“The online education segment in India is primed for massive growth, as the next generation of children enter classrooms across the country. By leveraging the power of technology, we’ve been able to bridge the divide between in-school and at-home learning and offer a seamless, end-to-end learning experience. With this infusion of capital, we have the opportunity to expand our presence across India and into neighbouring nations, and showcase the benefits of our unique offering to an ever-larger audience,” said Mr. Sarvesh Shrivastava, Managing Director of Eupheus Learning.
Founded in 2017 by Sarvesh Shrivastava, Ved Prakash Khatri, and Amit Kapoor, Eupheus seeks to close the gap between classroom and home learning through carefully curated, technology-led, subscription based learning solutions to schools. Operating across the Pre-K to Class XII segments, Eupheus offers products in all subject areas and packages both the curriculum, and homework tracking tools in phygital form.
“The Indian education space is being disrupted and Eupheus, with its superior content, enabled through careful curation and exclusive partnerships with the most innovative education companies globally, is providing best of in-class and home learning solutions to students. We are impressed by the founders’ experience, previous track record of developing cutting edge content at Britannica, and the manner in which they have scaled Eupheus in a profitable manner in the last two years in a competitive market. Yuj Ventures is pleased to support Sarvesh, Ved and Amit in their journey as entrepreneurs, and we will work closely with them to enable their next phase of rapid growth.” said Madhav Soi of Yuj Ventures Pte. Ltd. from Singapore.
As of 2019, the Indian education sector was valued at approximately USD 101.1 billion and its online education market at $563 Mn. Online education market is expected to hit USD 1.96 billion by 2021 according to KPMG report.