Uolo, an edtech startup raised $22.5 million in funding in a Series-A round led by UAE-headquartered VC Fund Winter Capital, as per the official statement.
In the round of funding, the participation of existing venture capitalists Blume Ventures and Morphosis Venture Capital which is a new Dubai Based find was seen. Earlier in November 2020, Uolo raised seed funding led by VC funds Blume Ventures of around Rs 20 crore ($ 3 million), it added.
In 2016 the company raised Rs 1.4 crore and earlier in 2014 it got funding of around $78,000, as per a report by Inc42.
The edtech startup doesn’t want to stop here as it has a bigger goal. It aims to narrow the gap between parents and teachers through parent-teacher communication software and ERP management solutions that will be available for affordable prices, as per statements.
It further claimed to partner with private schools which will help to bring new possibilities and also develop new capabilities which were not known to the schools. The company also brought up phygital learning programs which will be aligned with the school’s curriculums.
Uolo also has an open architecture platform that permits the third party like education publishers and content makers to formulate learning programs for K-12 students.
“The edtech solutions need to build on top of 6 hours spent in school daily and magnify the outcomes by leveraging the smartphones available at home. The lack of alignment with school, together with exorbitant pricing is causing edtech companies to falter,” Pallav Pandey, CEO of Uolo said.
Remarking on the latest growth, Anton Farlenkov, managing director of Winter Capital, added, “The first wave of edtech companies in India have proven consumer interest in online education. However, they lacked a cost-effective distribution. We believe that there will be a new generation of edtech companies capable of building organic, low-cost distribution, allowing students to study at $10 per year rather than $10 per hour.”
The company has partnered across India with more than 8,500 schools and the platform has reached over 3.7 million students, according to Uolo.
The edtech startup Uolo is founded by Pallav Pandey, Ankur Pandey, and Sidharth P Singh. It delivers academic programs in coding and English.
This year the edtech sectors are having a hard time as many edtech companies are driving through major disruptions where the companies increased $2.1 billion in funding compared to $4.73 billion in 2021.
As earlier this month most of the big players in edtech companies like Vedantu and Byju’s announced job cuts and also cut down their workforce to fight against the economic slowdown because of physical classes and coaching centers resuming back as normal.