Udayy is a Gurugram-based education technology start-up that has recently announced to raise funding worth USD 2.5 million in Seed round led by Alpha Wave Incubation (AWS)- an early-stage fund managed by Falcon Edge and Noida-based InfoEdge Ventures.
Udayy is an online learning platform for children in class 1 to 5, a live learning platform that focuses on smart communication. Founded back in June 2019 by Karan Varshney, Mahak Garg and Saumya Yadav, Udayy will utilise this latest infusion of funds for hiring across the edtech platform, curriculum development, expanding its product portfolio and expanding its engineering teams. Basically, the company will use the funding to invest in its next stage of growth, as mentioned in a report by Live Mint.
According to the company profile on CrunchBase, the education technology start-up has four existing investors that have also participated in its latest Seed funding round. These investors include CRED founder- Kunal Shah, California-based Micro Venture firm- Better Capital, Alpha Wave Incubation and Info Edge.
As we all know about the catastrophic consequences of the COVID-19 pandemic on the education sector in India, students have been the most impacted after business and overall economy of the country. The future of India was deeply impacted by the loss of proper education for school-going children as it is their age to study and learn, instead, they were stuck at home and made to sit in front of the laptop or smartphones to attend online education. There are both pros and cons of online education for younger children and the topic is always open for debate but the fact remains that Indian education has been significantly impacted.
This issue in the market led to the rise of education technology start-ups such as Byju’s, Unacademy and even Udayy among many others. Udayy is known to provide live interactive study sessions for English and Mathematics to school-going children between the age group of 6 to 11 years.
As mentioned in a report by Live Mint- Anirudh Sigh, Managing Director at Alpha Wave Incubation mentions in a statement that after-school study is one segment that has been untapped in the Indian edtech market. He further adds that Udayy is on the right track to disrupt this space in the Indian market through its experiential learning business model. This model leverages technology to use gamification as a key tool for better learning outcomes.
Viewing the situation from a business point of view, the demand in the Indian market for education technology start-ups has turned heads of global investors and these established players in the Indian edtech market is receiving phenomenal traction in the space. These start-ups are being heavily funded and backed by global investors as India has gained a reputation to be a potential market for education technology platforms as they gain higher ground to reduce classroom education during and after the COVID-19 situation settles in the country.