Bengaluru-based education technology start-up, Vedarsy Technologies Private Limited, also known as Krayonnz is a collaborative learning start-up that has recently announced to have raised INR 1 crore in its latest pre-seed funding round led by GSF Accelerator.
GSF Accelerator is an early-stage Venture Capital firm, one of India’s largest multi-city accelerator programme backed by several investors and funds. The financing round also witnessed participation from angel investors including Shashank Kumar, Founder of Razorpay.
Education technology has been on high-rise since the unfortunate COVID-19 induced nation-wide lockdowns. Education has been one sector that has majorly been affected by the lockdowns and online education platforms have grown multi-fold because of this adoption by students, parents, schools, colleges and other educational institutions.
Having said that, several investors have turned their heads towards the education technology ecosystem in India which is showing promising potential. One such investor is GSF Accelerator who has made its fourth edtech investment trying to capitalise on the opportunity. Previous investments made by the accelerator program include Codingal- community-based online coding platform, Quizziz and Flintobox.
Krayonnz was founded in 2019 by Gurudutt Upadhyay and Saurabh Dixit who are both IIT- Roorkee alumni. The start-up aims to change how students learn in the Indian education system and want to build an ecosystem of knowledge sharers and knowledge seekers who can help each other in a peer-to-peer collaborative learning setup, according to a report by YourStory.
The edtech company moves forward with the approach to create a process of people interested in learning a particular subject with a teaching expert who can teach that subject. Students and teachers can make their profiles sharing their strengths and expertise in terms of education and skills in order to connect in a more meaningful way, says Gurudutt Upadhyaya, co-founder and CTO, Krayonnz.
Furthermore, Rajesh Sawhney from GSF Accelerator shares his views on the education system in India, he says that education can be difficult to reach students who come from low-income households and lack financial resources to pay for educational coaching and tuitions and even online study courses and this is where Krayonnz fits in. The edtech platform provides an affordable solution to such students and by working out the economics, the services that this platform provides can reach a real majority of students in India.
Krayonnz generates its revenue by charging an annual subscription fee for accessing educational content and study material available on the platform. The company also mentions that it generates additional revenue through value-added services such as counselling and personalized tuitions.