Mumbai-based FEAST Software Private Limited (EnggOnline), an incubate of Society for Innovation and Entrepreneurship (SINE), IIT-Bombay, has secured equity financing of around $3.5 million in a pre-Series A round led by successful HNIs, professionals, and founders themselves.
The company will use the funds towards manpower, cost of content development, delivery, and infrastructure required for the expansion of operations.
The financing round was led by a group of highly successful professionals including an investment firm led by Madhu Kela, Paresh Shah, Ketan Sheth, Arun Nahar, Kirti Doshi (founder member of the Antique group), Sanjay Dangi (Authum Investments), Anurag Jain (the family office of Tarun Jain), Kishore Shah (CEO, Aamara Capital Private Limited), P S Jayakumar (ex-MD & CEO, Bank of Baroda), Prem Rajani (Managing Partner, Rajani Associates), Akshay Gupta and N Jayakumar (both from the Management Team, Prime Securities), along with the ENGG Online founders family offices.
FEAST is India's first company to develop a SaaS-based platform for tutors/trainers with a unique pedagogy of experiential learning using Augmented Reality (AR) and Virtual Reality (VR). It has developed a comprehensive learning platform for engineering/skill students, tutors & industry experts for all levels. The strategy is to offer a bouquet of courses and VR/AR, gamification-based assets to help tutors/trainers for day-to-day teaching/self-learning for better outcomes. The teaching methodology ensures deeper engagement with students on a daily basis right through their career path. The course content is mapped to NEAT-AICTE model curriculum, all the levels of NSQF as per NSDC & Sector Skill Council curriculum and is as per the training curriculum and SOPs for Industry.
The entire SaaS-based solution is offered at the cost of a textbook for each student.
Naishadh Paleja, Founder and CEO of FEAST Software, welcomed all the incoming investors and said,
"This funding will be used to complete our development of top skills (welding, auto-mechanic, electrician, fitter, mason, etc), for the First Year Engineering Courses at degree & diploma colleges and to develop safety modules for industry."
Rachit Goel, Vice President, Early-Stage Financing, Prime Securities, said,
"ENGG Online is a learning platform that utilizes state-of-the-art technologies to deliver an exclusive and interactive learning environment. The company’s target market includes about 3,000-degree colleges, about 3,050 diploma colleges, and about 14,000 Skill/ITI Colleges and Industry. With marquee partnerships including with Anil Naik Technical Training Centre-ANTTC, Larsen & Toubro-Skill Trainers Academy, Afcons, UPL Ltd., Forbes Marshall, NEAT-AICTE, Satpuda ITI Group, and NIT Surathkal, amongst others, we are confident that FEAST will use its first-mover advantage to scale up and encash the huge potential canvas."
Prime Securities Limited acted as the exclusive Investment Banker for this transaction.