Edtech Startup uFaber Raises Rs 25 Cr In Series A Round
uFaber, an edtech startup, has secured $3.02 million (Rs 25 crore) in a Series A funding round from Mastermind JPIN Capital Partners and Gray Matters Capital.
As per the startup, the freshly raised funds will be used for expanding operations, including increased system capacity, improved technology, and a larger team.
The startup aims to enroll over 1 lakh students with more than 5000 trainers onboarded by 2024.
uFaber | Hyper personalized Teaching At Scale
Founded by Rohit Jain and Anirudh Swarnkar in 2015, uFaber offers training programs to its students across verticals on English communication and soft skills, International English Language Testing System (IELTS), Test of English as a Foreign Language (TOEFL), Union Public Service Commission (UPSC), IBPS, along with its individual-focused offering real school.
Commenting on investing in uFaber, Smita Sircar, President & CEO of Gray Matters Capital, said,
“uFaber’s area of focus and associated business model are aligned with GMC’s mission of “Finding Purpose with 100 million women”. uFaber trains teacher’s majority of which are women, and gives them an opportunity to work from home in over 100 small towns to teach English via online mode to the youth at an affordable cost and superior efficacy. Spoken English will continue to be an important market for upward mobility of low-resourced communities as well as necessary if India has to provide the future workforce to the world.”
As per the startup, its training is done through interactive videos that are accessible via the web or an app. These videos are complemented by a mentorship program, where each candidate is assigned a mentor who assists the candidates with doubts, questions, and queries.
uFaber had earlier raised Rs 2.5 crore from undisclosed angel investors. In 2021, the edtech firm launched an accelerator program of Rs 10 crore for early-stage startups in the edtech space to extend financial and operational support to the selected startups.
Despite struggling to raise funds, few edtech startups have managed to get funded. In February this year, Classplus invested undisclosed capital in the Noida-based test preparation app Abhinay Maths. Earlier in January, Surgeup Technologies Pvt Ltd, which operates the gaming-focused edtech platform upsurge, raised $370,000 (around Rs 3 crore).
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