(L-R) Cofounders Pallav Pandey and Ankur Pandey
Uolo Technologies, a communication platform for schools, said on Friday it has raised $22.5 million in a Series A round of funding led by Dubai-based growth-stage investment firm Winter Capital.
Other investors included Morphosis Venture Capital, another Dubai-based fund, and existing investor Blume Ventures. The Bengaluru-based company previously raised $3 million in seed funding led by Blume in November 2020.
Uolo runs a parent-teacher communication software and an enterprise resource planning (ERP) management solution. An estimated 120 million children attend India’s more than 400,000 private schools, it said in a statement. This is 40% of all school-aged children in India and over twice as many students as in the United States (about 55 million).
“The edtech solutions need to build on top of six hours spent in school daily and magnify the outcomes by leveraging the smartphones available at home. The lack of alignment with school, together with exorbitant pricing is causing edtech companies to falter,” said Pallav Pandey, CEO of Uolo.
Uolo’s platform allows third-party education publishers and new-age content creators to develop physical learning programmes for K-12 schools and students. The startup has so far partnered with over 8,500 schools across India and reaches over 3.7 million students.
It plans to introduce more programs across science, technology, engineering, arts and mathematics in the coming months.
“The first wave of edtech companies in India have proven consumer interest in online education. However, they lacked a cost-effective distribution. We believe that there will be a new generation of edtech companies capable of building organic, low-cost distribution, allowing students to study at $10 per year rather than $10 per hour,” Winter Capital managing director Anton Farlenkov said in the statement.
With $1.4 billion under management across three funds, Winter Capital focuses on growth equity investments in consumer industries that are undergoing technology-enabled change. The funds invest globally in fast-growing tech companies across four verticals: financial, healthcare, education, and consumer services.
Other Indian companies in which Winter has invested include CollegeDekho, Goat Brand Labs, Pristyn Care and Udemy.