Delhi-based EdTech company 88academics has raised $3 million (INR 22 crore) in a pre-Series A funding round led by Aarin Capital.
The company plans to use the funds to develop India-specific content for the K-12 (kindergarten to 12th grade) segment.
88academics has been established with the social objective of making quality video-based learning material available to all Indian students. With technology, connectivity, and social media rapidly changing the world of education, the company aims to lead the democratization of the tuition industry in India. The current tuition options available in the market are expensive and cater only to the upper classes leaving students from middle and lower-income families at a disadvantage. 88academics intends to leverage technology to level the playing field.
Founded by former 3i Asia head Anil Ahuja, 88academics is on a mission is to empower every Indian student to achieve full potential. The company said it will provide students high-quality enrichment for English, Maths, Science, Information Technology, and Mother tongue.
Commenting on the funding, Founder and CEO of 88academics, Anil Ahuja said,
"Bringing in Aarin is a huge endorsement as they were one of the first investors in Byju’s. Names like Ranjan Pai and Mohandas Pai coming into this tiny startup is an endorsement of the quality of the technology stack."
Ahuja further added, "We will launch in the 2022 academic year, and We are adding about 5,000 students a quarter which is like 1.5 percent of the student population in Singapore. "
We are also planning to bring the same teaching to India. The product could be priced like Netflix and “you don't have to be stuck to a program or package for five years", he said.
88academics, which is part of Singapore-based 88tuition, has partnered with names like DBS Bank, Singapore Indian Development Association, and People Association. It is also likely to partner with Manila which is the capital of the Philippines.