The Bengaluru based online education startup Edureka has reportedly secured an amount of $2 million in its first round of funding from privately funded venture investor known as Leo Capital.
With the help of the amount raised through this funding, the company intends to reach the aggressive growth targets and bring in more senior expertise on board.
The company works on making learning easier and interesting. The aim is to reach all parts of the globe and be accessible all over the world. The platform provides education in latest subject matters such as Cloud Computing, Big Data, Blockchain and Data Science. Along with this, the company also offers short term courses and 24*7 lifetime support.
Lovleen Bhatia, Co-Founder and CEO of Edureka, said, “Edureka is a consumer-first company which believes in creating value for all our stakeholders. In long run, we will continue to focus on scaling up our team, enhancing our core product and improving customer experience.”
Edureka has plans to bring an increase in the revenue by six times in the next three years. The company will scale up the team, improve the core product and enhance customer experience. After the completion of the investment, Rajul Garg, founder and managing partner of Leo Capital India, will join the board of Edureka.
Rajul said, “We have long believed in the growth potential of e-learning, especially when it comes to bridging the skill-gap in the IT industry. We are confident that Edureka will capitalize on the global demand to become the dominant player in this market and we look forward to helping them achieve this goal.”
This is the Edureka’s very first funding round after it was established in 2011. With the increasing competition in the e-learning space, it has become a necessity to raise funds for expansion. Other players such as Byju’s, Coursera, Unacademy, Edukart and Embibe give a tough fight in this segment.