Edtech Startup Practically Raises $4 Mn In Pre-Series B Funding Round Led By Siana Capital
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Learning app Practically on Tuesday announced that it has raised $4 million in a pre-Series B round led by deeptech investor Siana Capital with participation from existing investors YourNest Venture Capital and Exfinity Ventures. The company has previously raised Series A funding of $5 million in 2019 and has now raised $9 million in total.
The funds will be invested in expanding the operations of the company.
“This pre-Series B funding showcases the extreme faith our investors have reposed on Practically. The tremendous response that we are seeing for Practically from schools, administration, faculty, parents and students validates our model. Our progress so far is in-line with our strategic growth plans and we are very well placed to tap the accelerated growth that the EdTech industry is witnessing today.” shared Subbarao Siddabattula, founder and chief executive officer, Practically.
The learning app for students of classes 6-12 with a focus on STEM learning that brings learning alive through immersive videos, interactive augmented reality and 3D simulations. It offers an edge over other learning apps by enhancing conceptual understanding and improving retention of concepts with features like life-like video content, hands-on learning, experiential learning, 24x7 seek help with access to subject experts for doubt resolution, live classes, Proton - the AI assistant and study buddy and Coding++.
“The recent round of funding will be utilized strategically to expand the market for Practically beyond Telangana and Andhra Pradesh. Our expansion plan includes establishing a footprint pan-India in the next 12 months. We are also aiming to expand operations in the Middle East and set foot into the US market in the near future,” said Charu Noheria, co-founder and chief operating officer, Practically.
The ministry of education has estimated that India’s edtech expenditure would reach $10 trillion by 2030. The edtech sector is seeing significant investments and expenditure by governments, schools, universities, students, and professionals globally. The increasing usage of online learning, propelled by the COVID-19 lockdown, comparatively lower operational costs than physical classes, high penetration of internet and smartphone, and 43 per cent of the population falling between the age of 5–24 years, have proven to be significant growth drivers for the industry.
“We have seen a perfect blend of robust technical expertise, understanding of the industry, and strong business acumen in the Practically team. To us, Practically is a very carefully crafted product that can create a niche for itself in the booming edtech industry due to its focus on experiential learning,” added Sunil Goya, managing director, YourNest Venture Capital.
The education market is expected to grow twofold to $225 billion by FY25 at 14 per cent CAGR over FY20-25 as per an IVC and PGA Labs report titled The Great Un-Lockdown: Indian Edtech.