Edtech Firm Techmaghi Gets Support From LJ Knowledge Foundation, Receives Rs 20 lakh Funding
Techmaghi, a Kerala-based edtech firm, has received funding of Rs 20 lakh from the startup-supporting LJ Knowledge Foundation (LJKF). The funding from LJ Knowledge Foundation, a Gujarat NGO, comes as a CCD (compulsorily convertible debenture) for Techmaghi.
As per the startup, the freshly raised funds will allow it to make a more significant impact on cutting-edge education and skill development.
Techmaghi | Up-skilling courses for Modern Workforce
Founded by Deepak Rajan in 2021, Techmaghi is a Kerala-based edtech firm that primarily focuses on core engineering fields and equips individuals with the skills and knowledge that are essential to excel in the competitive job market. The startup claims to have trained more than 75,000 students and generated more than Rs 2 crore in revenue.
As per the startup, the freshly raised capital would accelerate its mission to bridge the gap between industries and educational institutions through up-skilling courses that meet the demands of a modern workforce. Further, the partnership with LJKF would drive Techmaghi’s expansions towards reaching out to more students and professionals.
Few Other Developments in the Edtech Segment
In other developments in the edtech sector this year, Physics Wallah, a profitable edtech unicorn, signed a strategic partnership with Kerala-based edtech firm Xylem Learning and acquired a 50 percent stake in the Kerala-based edtech firm. As part of the deal, Physics Wallah plans to invest Rs 500 crore over the next three years. The transaction also involves strategic equity and cash investments in Xylem and scaling up operations.
On the funding side of the edtech sector, Mumbai-based edtech startup Raising Superstars raised $2 million in a pre-Series A round to broaden its management team, increase its global presence by localizing content, and invest in its technology. The round was led by BLinC Invest, a VC fund focused on investing in the edtech and fintech space.
Also, Bengaluru-based edtech startup and multi-skill learning platform Ulipsu raised $3.2 million and closed the Pre-Series A round at $5.7 million to accelerate its growth and operations by expanding in domestic as well as global markets and product portfolio diversification.
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