Orphicy, an Ahmedabad-based EdTech startup, has raised INR 2.5 Crore (approx $331K) in its first round of funding at a valuation of INR 25 Crore, the company has announced recently.
According to a press statement, the round was led by NRI tech enthusiasts presently working in leadership positions at Facebook and McKinsey. Education company IMS Learning Resources Pvt. Ltd. also picked up a one-percent stake in the company.
The company said it will utilize the first round of funding to strengthen its marketing initiatives, adding innovative technology-enabled interfaces, and include newer modules to the curriculum. It also plans to expand its team by hiring young to senior-level talent to build a resilient and trusted brand that makes education engaging and empowering.
Incorporated in 2020, Orphicy offers education modules empowered using visualization methods, live interactions, analytics, and psychometric analysis to achieve the desired results. It also provides dedicated career guidance to each student.
The startup aims to connect with the vast student community across the country and help them gain a competitive edge with its pocket-friendly courses. It aims to build a strong foundation for students by helping them with their Optimum Retention Pedagogy and Z-Axis Video that helps the students and their parents in giving them clarity about future applications of each topic covered in their individual syllabi.
Speaking about the company and the latest funding, Vipul Tyagi, CEO of Orphicy, said,
"Apart from providing live online coaching for school curriculum (Classes 5-10) the start-up also helps students prepare for NTSE/Olympiads and other competitive exams. Our modules are designed with a holistic approach focusing on extracurricular activities along with academics. The first round of funding will be strategically used to strengthen the brand, introduce innovative learning modules and make learning interactive and engaging."
According to Orphicy, pre-recorded content is not the ideal solution for the young curious minds and thus offers its courses via app in the form of live online classes. The startup believes that planned teacher intervention and highly engaging lectures are the pillars for online education to show positive learning outcomes.
The Ahmedabad-based startup follows a unique flipped learning approach with three distinctive steps: PREPARE – pre-lecture capsules to stimulate interest in a topic; PROCESS – continuous improvement in exam readiness index; and PARTICIPATE – superior learning with hands-on activities and active discussions
Orphicy was started as a bootstrapped company on 28th September 2020 with an initial fund of Rs 2 crores pooled by the founders. According to the company, the vast experience of its founders in the realm of education has helped it raise funds in less than a year of its incorporation.