Samsung ventures backed TagHive, South Korea’s Ed-tech start-up, today announced that they have raised an undisclosed amount as a part of their Pre-Series A round of investments, valuing the start-up at $10 million. Founded in 2017 in South Korea, TagHive is the brainchild of Pankaj Agarwal, an IIT Kanpur graduate with an MBA from the Harvard Business School. The start-up has raised funds from South Korea based Joon Hyon, Managing Partner at Complement Capital.
TagHive entered the Indian market in 2019 and has already collaborated with the Governments of Madhya Pradesh and Uttar Pradesh. The start-up would be looking at deploying these funds to strengthen its presence in these 2 states and to rapidly grow the presence of its’ flagship product ‘Class Saathi’ to other states. Class Saathi is a combination of a classroom response system for schools and at-home learning solution that creates an engaging online learning experience and has proven to yield impressive learning outcomes.
Speaking on the fundraise, Pankaj Agarwal, Founder & CEO, TagHive said, “Our efforts of developing the product in South Korea has paid rich dividends to us as we now cater to over 400 schools there. Class Saathi, as a platform, has already been proven to be effective in India in collaboration with the Governments of Uttar Pradesh and Madhya Pradesh. In India, we have already onboarded close to 50 schools in less than a year and are looking at expanding our operations across 10,000 schools by 2022.”
Agarwal further added, “We need to take cognizance of the fact that E-learning has tremendous business potential in India, as has been witnessed in this lockdown. Going forward, teachers and students would have to come to terms with E-learning to ensure that we continue maintaining social distancing. Schools across India are figuring out unique ways to leverage technology to enhance their learning methods. Class Saathi is intuitively designed to create an interactive and immersive learning experience for the students making them confident about their subjects which might not be possible with classroom learning alone.”
Capturing TagHive’s business potential in India, Joon Hyon, Managing Partner at Complement Capital said, “The E-learning industry in India has huge business potential. By using Artificial Intelligence, TagHive is uniquely placed in India to take the tech-based teaching solution across rural towns of India with minimal infrastructural investments.”
TagHive would be aggressively pushing for partnerships with state governments and education boards to expand its operations in the country. The start-up intends to deploy part of the funds to expand its team in India to establish these partnerships.