ErudiFi, a tech-enabled company providing access to affordable education financing in Southeast Asia, has secured $5 million debt facility from Helicap, a Singapore-based fintech firm.
Dhaka-based online learning platform 10 Minute School has raised $2 million in seed funding from Sequoia Capital India’s Surge.
According to a statement, the company plans to utilize the fresh capital to invest in product development, technology, and talent acquisition.
Co-founded by Ayman Sadiq and Abdullah Abyad Raied in 2015, 10 Minute School is on a mission to democratize education for all in Bangladesh. It has built a mobile-first online learning platform and provides affordable, accessible quality educational content to school and college students, university admission test candidates, job seekers, and people looking for specialized skills training.
10 Minute School says it currently has over 25,000 classes and skill courses on its platform with over 50,000 quizzes and additional resources like flashcards, audiobooks, and notes. The company claims to have seen excellent growth over the past few years. In 2021 alone, the company claims, it has acquired nine million new learners, delivered eight million learning hours, and added another 17,000+ new videos to its learning ecosystem.
The company’s mobile app, 10ms.app, has recently surpassed three million users, making it the largest learning app in the country.
"We have experienced an unprecedented 12X business growth in our platform in 2021 during the pandemic and a strong validation from our users who experienced our learning contents. Sequoia Capital India’s Surge joining us as our first investor is a very humbling experience for the team, and it further validates our vision for democratizing access to high-quality education for all in Bangladesh," said Ayman Sadiq, Co-founder and CEO of 10 Minute School.
"We want to double down on our growth trajectory this year while creating an unparalleled learning experience for our students," he added.
10 Minute School plans to launch live coaching classes for students from classes 5-12, test paper courses for HSC and SSC examinees, complete admission and BCS programs, a whole series of interactive academic books for classes 3-12, and more sought-after upskilling courses in the first quarter of 2022.
The company also aspires to contribute to the upskilling of its significant youth population of five million, leading to increased employment and demographic dividends for the country.
Meanwhile, the investment makes 10 Minute School the first EdTech Company in Bangladesh to secure funding from Surge, a rapid scale-up program launched by Sequoia Capital India.