Startup EduKart raises $1 million

Funds will be utilised for further upgrading the marketplace platform, increasing course portfolio and strengthening marketing efforts, said Ishan Gupta, CEO

Education marketplace EduKart today said it has raised USD 1 million (Rs 6.4 crore) from Holostik Group's United Finsec (family office arm), cricketer Yuvraj Singh's YouWeCan Ventures and early stage fund, 500 Startups.

Existing investors including Paytm founder, Vijay Shekhar Sharma, former director of Providence Equity Partners Manish Kheterpal, and Stanford Business School's alumni angels also participated, the company said in a statement.

"The incoming funds will be utilised for further upgrading the marketplace platform, increasing course portfolio and strengthening marketing efforts," Ishan Gupta, chief executive officer of EduKart.com said.

Industry estimates peg the total education sector of India at over USD 60 billion. Around 50 per cent of this is in higher education sector, 40 per cent in K12 sector and 10 per cent in coaching, skilling and other non-formal areas.

The course providers listed on EduKart.com include established course providers across higher education, K12 and coaching.

Some of the institutes include Vidyamandir, Toppr, Brilliant Tutorials, Indian School of Business, Narsee Monjee Institute of Management Studies, Bharati Vidyapeeth University, School Guru, and Digital Vidya among others.

"While on one hand, EduKart helps students and parents make informed education related decisions, on the other it has given various course providers a platform to expand their reach to Tier two and Tier three cities across India," said Ankit Gupta, head of strategy and investments for Holostik Group.

In the next three years, EduKart said it is looking to drive gross enrolment sales of over USD 100 million for its course providers, by enrolling over one lakh students annually.