88academics Raises $3 Mn Pre-Series A Round Led By Aarin Capital The platform will use the funds to develop India-specific content for the K-12 segment
By Prabhjeet Bhatla •
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New Delhi-based online education provider 88academics on Monday announced to have secured equity financing of about $3 million in a pre-Series A round led by Aarin Capital Partners. A group of professionals, including Piyush Gupta (DBS Group), Vinod Gupta (VG Learning Destination), P.S. Jayakumar (Bank of Baroda), Ramesh Swaminathan (Lupin), Ajay Abrol (Nomura Singapore), Prem Rajani (Rajani Associates), Akshay Gupta and N. Jayakumar (Prime Securities) also participated in the round.
Prime Securities Limited was the exclusive investment banker to this transaction.
"We are honored to welcome Aarin and other high-quality investors into our family. Our objective is to democratize education and make the highest quality product available to everyone at an affordable price. We are committed to building a top-quality enterprise and creating value for all stakeholders. We are grateful to all edtech companies who have pioneered the transformation in India," said Anil Ahuja, founder, and chief executive officer, 88tuition.
88academics (India), an 88tuition (Singapore) group company, will use the funds to develop India-specific content for the K-12 segment.
88tuition (Singapore) is an enterprise with a mission to "empower every student to achieve full potential' and is expanding rapidly in Asia.
"We seek to partner technology-intensive businesses in life-sciences and healthcare, education, and other potentially large India-centric or India-first companies. 88academics provides us with an opportunity to invest in a sector we know well and back a highly experienced management team with a differentiated product and a disruptive business model," shared T V Mohandas Pai, partner, Aarin Capital Partners.
88tuition claims to be one of Singapore's fastest-growing edtech companies and is focused on delivering superior learning outcomes using a proprietary pedagogy and technology platform. Superior pedagogy, outstanding teachers, and attractive pricing have helped 88tuition capture over 6 per cent and 2 per cent (registered users and paid customers respectively) of the highly competitive Singapore market.
"The Indian edtech industry is valued at over $30 billion and the incumbents have significantly transformed the way education is being imparted to students. The market is ripe for a revolutionary and disruptive product that is affordable, customer-centric, scalable, and profitable. We are proud to have brought 88tuition, Aarin Capital Partners, and our growing list of HNI investors together," added Ganesh Agarwal, managing director, Prime Securities.
