Mumbai-based early-stage venture capital firm Lightbox is investing $7 million in Flintobox, a Chennai-based start-up that sells activity-based learning solutions to 1-12 year old children. The deal provides an exit for some angel investors, including GSF Super Angels and Globevestor who had invested at the seed stage in 2013 and 2014.
In June, the start-up launched Flinto Class, a learning solution for pre-schools. The product is targeted at independent/unbranded pre-schools who struggle to deliver high-quality education and experience. The start-up has signed up 350 schools and hopes to reach 1,000 schools in a year.
The package costs pre-schools Rs 500 per child per month, and schools can start with a package for 5 kids and pay as they grow. ''Independent pre-schools struggle with growth and in providing high-quality education,'' says Arunprasad Durairaj, founder & CEO, Flintobox. The start-up is targeting 10,000 pre-schools in five years.
It first launched Flintobox, a series of discovery boxes for children aged 1-12 designed for early child development. Every box comes with activities that enable the child to create, play, explore and read about a particular theme while catering to more than 12 critical developmental areas.
Typically, parents subscribe to these boxes in 3, 6 or 12 month duration, which cost roughly Rs 650 a child and the boxes are delivered to home. This segment focuses on engaging children meaningfully at home, away from gadgets and TV. Currently, it has 40,000 subscriptions.
Prashant Mehta, partner, Lightbox says strong validation from users and what it has managed to achieve with $1.5 million in funding (profitable at scale) made the VC firm invest. ''They have a good product, they are focused on design and helping parents and child engage with each other. The new line, 'pre-school in a box' offers the right curriculum which can help independent schools compete with established chains,'' he says.
Founded in 2013 by Arunprasad Durairaj, Vijaybabu Gandhi (COO) and Shreenidhi SP (CTO), the start-up had raised $1 million led by angel investor Ashwin Chadha, GSF Global, Globevestor (USA), AECAL (Germany), and Mauj Mobile in July 2016. In October 2015, Chadha and Globevestor had co-invested Rs 2 crore, after it raised a similar amount from GSF Super Angels and Globevestor in August 2014. In August 2013, it had received 15 lakh from the GSF Accelerator