Edureka, the global e-learning company providing training in trending technologies, has raised $2 million from Leo Capital, a venture capital fund known for investing in technology companies. Edureka which is the only profitable, boot-strapped ed-tech start-up, has for the first time opened its doors to investment, in a bid to add fuel to its ambitious growth plans and to bring senior expertise on board.
Edureka has achieved 3X growth in the last three years and expanded the learner community to more than 100 countries, becoming the only boot-strapped ed-tech start-up to have achieved such growth. Post this investment, Rajul Garg, Founder and Managing Partner of Leo Capital India, who is an entrepreneur turned investor and founded companies like Pine Labs and GlobalLogic, will join the board of Edureka.
Speaking about the investment, Lovleen Bhatia, Co-Founder & CEO, Edureka, said, “Edureka is a consumer-first company which believes in creating value for all our stakeholders. With this investment, we will continue to focus on scaling up our team, enhancing our core product and improving customer experience to achieve our target of achieving 6x growth in the next three years. We’re also excited to welcome veteran investor and serial entrepreneur, Rajul Garg, into the company”
Rajul Garg, Founder and Managing Partner, Leo Capital India, said, “We have long believed in the growth potential of e-learning, especially when it comes to bridging the skill-gap in the IT industry. Edureka is uniquely positioned to meet the demand for quality technical training, as demonstrated by their remarkable growth since inception. We are confident that they will capitalize on the global demand to become the dominant player in this market and we look forward to helping them achieve this goal.”
A joint study by Google and KPMG had recently reported that online education will be a $2 bn Industry in India by 2021. India is in fact the third largest online market for education in the world. According to the report, the growth will be backed by a rise in paid users—currently 1.6 million and estimated to grow to 9.5 million in 2021. Re-skilling and online certification courses are currently the dominant category with a 38% share, according to the same report.