Mumbai-based hybrid tutoring platform Genext Students has raised an undisclosed amount of funding from educational content provider Navneet Education Limited (NEL).
With the round of funding, Navneet Tech Ventures Pvt Ltd, which is the wholly-owned subsidiary of NEL, has acquired a 51.8% stake in Genext.
Genext Students provides live online classes for students of grades 5-12. It also offers online study material tutorials, e-books, audio-video content, practice questions, and sample papers. Parents can search for home tutors based on their locations and subject, and book a demo session. This one-of-its-kind platform brings quality home tutors along with proprietary content (online and offline) to the doorstep of parents/students, using technology as a key divider. It enables personalized learning for students and provides updates to parents.
Launched in February 2013 by Ali Asgar Kagzi and Asad Daud, Genext Students combines private tutoring with technology-enabled learning for CBSE, ICSE, and state boards. Apart from delivering content in English, Genext Students claims to be the first EdTech company to have launched for Hindi medium students in India.
Speaking about the company, Ali Asgar Kagzi, Co-Founder, Genext Students, said,
"Genext Students is a full-stack EdTech solution offering education services for the K-12 segment. Over the years we have developed a very strong technology ecosystem which very closely integrates all the three pillars of education – tutors, students, and parents. Having already raised a couple of rounds of funding, we have been seeking strategic partners who would not only provide us with financial support but one who deeply understands the education space and could offer us a strategic support to drive the company to the newer heights."
The company said it will use the fresh funding to create tech products for the teachers' community, strengthen the tech ecosystem, and expand its reach.
Over the years, Genext Students has successfully created strategic partnerships with renowned companies like Samsung, Intel, IBM, Vodafone-Idea, Airtel, PVR, etc.
Ketan Gala, President of Navneet Education has said,
"Navneet is India’s largest listed education entity with a market capital of more than Rs. 2,000 Crores. With a reach to more than 50,000 schools and institutes, 5 lakh tutors, and more than 1 crore students, Navneet will provide content, knowledge, and reach for Genext Students to grow aggressively. Navneet has been a pioneer in adopting the latest trends in the education industry over the past 60 years."
Gala further noted, "Even after the pandemic is over, the technology will continue to play a pivotal role in the education segment – both for learners and educators."
Earlier this week, Navneet Tech Ventures invested about $884,000 (INR 6.5 Crore) in Jaipur-based EdTech startup Tinkerly.
Genext Students had raised $580,000 in its pre-Series A funding round in 2018 from undisclosed investors.