Spardha, a leading digital platform for learning music and performing arts has raised INR 3 Cr in a Pre-Series A1 round led by Inflection Point Ventures, one of India’s largest angel investment platforms. A few US-based HNIs have also invested in this round.
The funds raised will be utilized in branding & marketing, expansion of sales and products team, curriculum development & enhancement, digital platform enhancement, and expanding presence in four new international markets i.e. UK, Singapore, Canada & Australia.
Spardha has grown over 10x in the last 12 months, during the pandemic. It has 5000+ registered users and over 1300 paid users in India and the US. Having launched the platform in the US on 1st February 2021, it acquired 500+ registered users and 200+ paid users in the US, in the first 10 weeks of the launch.
Ankur Mittal, Co-Founder, IPV says, “Music is a genre, which is driven by hobby and passion. Spardha is tapping into the music-loving audience who wants to learn new instruments and vocals for many reasons. Music improves focus, acts as a meditation tool, and enables us to learn faster and become more creative. Spardha has found early adopters in users of all age groups across India and the wide Indian diaspora in the US. Future plans include expanding both the markets and the product offering to include a wider user base. Spardha has the potential to replicate the success of some of the leading ed-tech companies which have similar appeal across other verticals.”
With professionally certified trainers, Spardha has made curated curriculums for the students and facilitates the same via its completely digital learning platform. It offers personalized learning paths for different student needs. With its unique intelligent trainer performance management system, Spardha ensures a good quality learning experience for all its students & excellent growth opportunities for its trainers.
Saurabh Srivastav, Founder & CEO, Spardha says, “Success of a start-up depends heavily on how fast you can bring required specialized knowledge on-board and channelize it towards materializing company goals. For first-time founders like me, IPV is like a mentor helping us with all their specialized knowledge so that we take the right decisions and maximize the probability of our success. The platform has a large network of seasoned SMEs across various business functions like product development, marketing, sales, and finance, etc. who are always willing to extend their support in solving our key challenges.”
With the market size of 40 million+ potential students in India across all age groups, growing at the rate of 17% YoY, the demand for music and performing arts classes is high. China alone may become a $14 billion market in online music lessons by 2022. Globally, it is a multi-billion-dollar market growing at a CAGR of 18.68%.