Eupheus Learning lands $4.1 million in funding
Eupheus Learning | February 15, 2021 Eupheus Learning lands $4.1 million in funding The Delhi-based startup said it will utilise the capital to grow its business organically in India with a focus on supplemental at-home learning solutions, while it is also looking at expanding internationally in West Asia and then other markets such as Sri Lanka and Bangladesh. It added that it is also looking to pursue inorganic growth through acquisitions. “Eupheus has established a strong presence in the B2B EdTech space in India and we look forward to expanding our geographical presence, increasing our engagement with schools, and bringing more innovative learning solutions to our target markets,” said Sarvesh Shrivastava, founder at Eupheus. “We are excited to partner with UEC and ARHC to roll out our solutions across the Middle East,” Shrivastava added. Founded by Shrivastava, Ved Prakash Khatri, and Amit Kapoor in June 2017, Eupheus claims it has partnerships with 5,000 schools and reaches 4 million students. It launched its home-learning solution Learn2Code in the second half of 2020, which has so far seen 700 schools signing up for the solution with 180,000 students using the service. “We see a huge opportunity in utilising their (Eupheus’) offerings to improve learning outcomes across our network of schools in the Middle East. We feel that the omnichannel approach of Eupheus is the way forward to build a scalable profitable model in the EdTech space,” said Shaikha Dana Nasser Al-Sabah, Chairperson at UEC. Eupheus said it became profitable in 21 months since starting its operations. It said it clocked a revenue of Rs 72 crore in FY20, and has a presence in more than 80 cities across India with a team strength of 175 people so far.
Eupheus Learning raises $4.3 million in Series A funding
Eupheus Learning | January 23, 2020 New Delhi-based ed-tech company Eupheus Learning has raised $4.3 million in fresh funding led by Sid Yog, founding partner The Xander Group. The Series A investment round also saw participation from existing investor Sixth Sense Ventures, the company said in a statement. Eupheus sells curriculum and homework tracking services on a subscription model to schools and claims it is profitable with a revenue of Rs 60 crore in FY19. The company said it grew its presence to 70 cities in the first half of the current year apart from partnering with 4 international institutes. “With this infusion of capital, we have the opportunity to expand our presence across India and into neighbouring nations, and showcase the benefits of our unique offering to an ever-larger audience,” said Sarvesh Shrivastava, Managing Director of Eupheus Learning. Eupheus said it will use the new capital to grow its presence across the country, develop new products and expand its team. It’s also looking to service schools in West Asia where there’s a strong presence of CBSE curriculum schools. The company caters to the pre-kindergarten to class XII segment and is looking to bridge the gap of learning at school and at home using technology. Eupheus also forges partnerships with learning content providers while it handles delivery and partnerships with educational institutes. “We are impressed by the founders’ experience and the manner in which they have scaled Eupheus in a profitable manner in the last two years,” said Madhav Soi of Yuj Ventures.
Sixth Sense Ventures invests more in ed-tech firm Eupheus Learning
Eupheus Learning | October 29, 2018 Education technology firm Eupheus Learning has raised an undisclosed sum from consumer-focused venture capital firm Sixth Sense Ventures a report in a financial daily said. This is the second time that Sixth Sense is investing in the Delhi-based company. In March this year, the fund put in money in the firm and picked up a significant minority stake. With the current investment round, Eupheus Learning has received total funding worth Rs 15-18 crore, with Sixth Sense’s stake in it increasing to 44%, The Economic Times reported. Email queries sent to Eupheus Learning and Sixth Sense Ventures did not elicit any response till the time of publishing this report. Run by Proficiency Learning Solutions Pvt. Ltd, the ed-tech venture was founded in 2017 by Sarveshwar Shrivastava, Rohit Dhar, Ved Prakash Khatri and Amit Kapoor. The co-founders all previously worked at education company Encyclopaedia Britannica and set up Eupheus Learning by investing their own capital. The startup creates textbooks in 10 subjects—English, Maths, general knowledge, environmental science and others—for students of classes one to eight and digitises them. It offers its service to schools on a subscription-based model. It claims to have presence in over 1,500 schools, including Narayana Group of Educational Institutions, GD Goenka Group and Delhi Public School Society. To boost its presence in the K-12 learning space, the startup has tied up with several global institutions such as World Book Inc., RoboGarden Inc., Sanako, Fiction Express and Primo Toys. Sixth Sense Ventures Founded by Nikhil Vora, the VC firm was looking to raise around $54 million (about Rs 350 crore) from its second fund and planned to mark the first close in March this year. It will deploy money in 12-15 companies from Fund-II. Besides Eupheus Learning, the company’s other investments from its second fund include third-party logistics provider AVG Logistics and sports nutrition firm Fullife Healthcare Pvt. Ltd, which sells products under the brand Fast & Up. The VC firm’s first fund had raised Rs 125 crore and had backed 10 companies, including gaming arcade operator Smaaash Entertainment Pvt. Ltd, Hindustan Foods Ltd, JHS Svendgaard Laboratories Pvt. Ltd and hyperlocal logistics service provider Grab. Deals in the space The ed-tech sector has attracted considerable investor attention over the past few months. This month, TechCircle reported that Mumbai-based test preparation platform for students Toppr was close to raising $20 million (Rs 147 crore) from its existing investors. Last week, online learning platform Unacademy acquired Jaipur-based online education and career portal WiFiStudy. In June, the startup had raised $21 million (Rs 144 crore) from existing investors Sequoia Capital, Nexus Venture Partners and SAIF Partners. Last month, a media report stated that Bengaluru-based Think and Learn Pvt. Ltd, which operates ed-tech unicorn Byju’s, had raised $100 million from growth equity firm General Atlantic at a valuation of $2 billion. In the same month, Jaipur-based experiential learning startup SRJNA raised an undisclosed amount from social-impact investor Gray Matters Capital’s edLABS initiative, angel network Keiretsu Forum and SucSEED Venture Partners. Despite growing investor interest in the space, a recent TechCircle analysis showed that scalability, profitability and unit economics remain challenges for ed-tech startups.
Sixth sense Ventures makes undisclosed investment in edutech firm Eupheus Learning
Eupheus Learning | October 28, 2018 Early stage consumer focussed venture capital fund Sixth Sense Ventures has made an undisclosed investment in edutech firm Eupheus Learning. Sixth Sense Ventures had first invested in the firm in March this year. With this, the total investment by the fund in Eupheus is pegged at between Rs 15-18 crore with Sixth Sense now owning about 44% in the edu-tech firm, making it one of the largest stake ownership deals for the venture capital firm so far. Eupheus Learning - a curriculum based content platform was founded in May 2017 and was the first investment from Sixth Sense's second fund made earlier this year. Eupheus Learning attempts to bridge the gap between in-school and at-home learning by providing end-to-end education solutions to students through its portfolio of curriculum solutions, reference books and at-home digital solutions. It offers pedagogically differentiated, technology-driven solutions in the K-12 space. Eupheus has partnered with publishers and edu tech firms to provide differentiated solutions across over 1500 ICSE and CBSE board schools in India including Narayana Group of Educational Institutions, GD Goenka Group, and Delhi Public School Society amongst others. “Eupheus is amongst the most sticky edu-tech platforms for customers since the content is part of the existing curriculum. They've also signed up to bring high quality global programs to Indian schools such as an exclusive partnership with TOEFL to be made available across grades and boards,” said Nikhil Vora, Founder and CEO of Sixth Sense Ventures. Eupheus’ monetisation model is typically two-fold, charging the schools for its program or a model that involves monetisation through retail distribution. The firm ended FY18 with Rs 22 crore in revenues and is on track to end FY19 at over Rs 75 crore in revenues. EupheusLearning which counts the NCR-Delhi belt as one its hottest markets in India, is also looking to expand its program reach to over 4000 schools across the country by March next year.
Exclusive: Sixth Sense Ventures’ 2nd local fund closes debut deal
Eupheus Learning | March 19, 2018 Sixth Sense Ventures’ second domestic fund has made its first investment, a top executive of the consumer-focused venture capital firm told VCCircle. Founder and chief executive Nikhil Vora said his firm has backed Delhi- based Eupheus Learning, which develops textbooks and their digitised versions to integrate class and home learning. Sixth Sense has picked up a significant minority stake in the company, said Vora, not disclosing the investment amount. He added that he has joined the board of Eupheus as part of the transaction. Commenting on the investment, Vora said, “We like the edu-tech space as it offers perpetual demand. We like Eupheus because of its strong and experienced promoter backing and it being the only unique player to have seamlessly integrated class-learning and home-learning solutions.” Eupheus, operated by Proficiency Learning Solutions Pvt. Ltd, claims to have presence in over 1,500 schools. The clientele list includes Narayana Group of Educational Institutions, GD Goenka Group, and Delhi Public School Society. Eupheus currently offers textbooks in 10 subjects (English, maths, general knowledge, environmental science, and others) for students of classes one to eight. It offers the same textual content in digitised version. The ed-tech firm seeks to develop its offerings in terms of subjects and classes both. The services are offered on a subscription basis, and the solutions can be bought in a bundle or as standalone units. “We have a readiness of will for learning solutions and with Sixth Sense this shall get further sharpened for curated solutions, which shall serve the fundamental needs of Indian K-12 space (kindergarten to class 12),” said Sarveshwar Shrivastava, co-founder of Eupheus. The company has in the recent past partnered several global institutions to bolster its presence in the K-12 learning space, such as World Book Inc., RoboGarden Inc., Sanako, Fiction Express and Primo Toys. Eupheus founders Around 40 people, including the founders, Shrivastava, Rohit Dhar, Ved Prakash Khatri and Amit Kapoor, moved out of global education company Encyclopaedia Britannica and invested out of their pockets to launch the venture, Eupheus, in June 2017. Shrivastava, a graduate of University of Illinois, had worked with General Electric, Corning, Telecom Australia, NIIT, Pearson and Encyclopaedia Britannica before launching the venture. Dhar started his career as a teacher after completing his post-graduation in 1988 and was Shrivastava’s colleague in Encyclopaedia Britannica. Khatri has over two decades of experience as sales executive in the K-12 publishing industry space. He has been associated with publications such as Ratna Sagar and Oxford in the past. And Kapoor, a graduate of TA Pai Management Institute, earlier held the position of director, digital sales, at Encyclopaedia Britannica South Asia. Sixth Sense’s new fund The second fund, which has a target corpus of Rs 350 crore ($54 million), was supposed to mark the first close by the month-end. However, Vora said that the fund size may increase as talks with a few foreign investors were on. The firm, which is planning to deploy money in 12-15 companies from the new fund, will maintain its consumer-focused theme. Sixth Sense had a target corpus of Rs 125 crore for its first fund and had backed 10 companies, including gaming arcade operator Smaaash Entertainment Pvt. Ltd, Hindustan Foods Ltd, PepsiCo Inc’s Kurkure snack brand, JHS Svendgaard Laboratories Pvt. Ltd and hyperlocal logistics service provider Grab. Nearly 50 investors, including family offices and high net-worth individuals, besides Small Industries Development Bank of India, had come in as limited partners for the first fund. Vora said that the fund has started giving returns to investors. Vora’s investments Vora was recently reported to be investing in his personal capacity in Gujarat-based Advance Syntex Ltd, that makes glitter powder and polyester film. He was an early investor in One97 Communications Ltd, the parent of digital wallet firm Paytm. He sold his stake in One97 to Chinese e-commerce giant Alibaba in May last year, reaping almost 75-fold gains. Around the same time, Vora also exited his investment in Kangaroo Kids Education Ltd, when the operator of pre-schools and K-12 schools was acquired by EuroKids International Pvt. Ltd. Vora is also an investor in Fogg-deo- maker Vini Cosmetics, which raised funds from private equity firm WestBridge Capital Partners in September 2017. He has also invested in Noida-based Soothe Healthcare Pvt. Ltd, the firm behind Paree brand of sanitary napkins. Besides, Vora has invested in Avigo Capital-backed sports-focused digital display solutions firm Technology Frontiers and aircraft maintenance and repair company AirWorks, which is backed by private equity firms New Enterprise Associates and GTI Capital. Deals in ed-tech space Other ed-tech startups that have raised funds recently include Toppr, which secured $100,000 (Rs 65 lakh) last month as part of an extended Series B round from Hong Kong- based early-stage investor Axis Capital Partners. In the beginning of this month, Buddy4Study raised $3 million (Rs 20 crore) in a Series A round from existing investor CBA Capital, which is backed by the Michael and Susan Dell Foundation. In early February, CollegeDekho raised $2 million (Rs 13.2 crore) in its third round from London-based Man Capital LLP, Girnar Software and others. Last month, Pune-based ed-tech startup Rubix108 Technologies secured $1 million (Rs 6.5 crore) in a pre-Series A round led by Polaris Fund. Bengaluru-based iNurture raised Rs 28 crore in a Series C round led by Ventureast in the last week of January. Aeon Learning Pvt. Ltd raised $3.2 million (Rs 20.43 crore) in a Series B round from MEMG Family Office LLP in the last week of January.