Edtech Platform SpeEdLabs Receives Additional Funding From India Discovery Fund
The fund raised will be used to grow the company's presence and strengthen its infrastructure
SpeEdLabs, AI-based hybrid edtech platform, has raised additional funding from 35 North- India Discovery Fund. The company closes this pre-Series round with a total raise of $2.5 million. The round witnessed participation from Mumbai Angels, LetsVenture, Ecosystem Ventures, Ah Ventures, SucSeed Ventures and a few family offices. The fund raised will be used to grow the company's presence and strengthen its infrastructure.
"As the world evolves towards a hybrid education paradigm, it's past time for children and students to receive education that is tailored to their own needs. We are grateful for the backing of well-known investors. SpeEdLabs will aim to expand the presence to 800 locations throughout 23 states in the country, allowing more than 10 million students and empowering overing 50,000 teachers," said Vivek Varshney, founder, SpeEdLabs.
SpeEdLabs has over 3000 B2B tutorial clients in K-12 and Test prep segment across more than 200 cities in India. By June 2022, the startup is on track to generate INR 1.5 crore each month. Currently, SpeEdLabs receives over 2 million questions per month from its Question suggestion engine, resulting more than 10 million analytical data points per month, claimed the company in a statement.
"The enablement of personalized and customized feedback and education for the students in a Hybrid model is the need of the hour. One size fit all does not suit students in a conventional set-up and the traction experienced by SpeEdLabs is a testimony to this fact," said Rajarshi Roy, India Discovery Fund.
SpeEdLabs provides teachers and students with customized practice and analytics-driven feedback, individualized assignments and a data-driven academic audit in order to change pedagogy towards hybrid learning in the classroom.