Saudi-based EdTech startup Noon Academy raised $8.6 Mn in Series A funding round.
Speaking of the recent funding and future plans to enter the India market Noon Academy stated, “We have recently raised $8.6 Mn (Rs. 47 crore) through Series A funding round to enter India on our platform that appeals to the masses. Our digital platform (app) offers tutoring and free content through a freemium revenue model that allows users free access to basic content and charges them for live interactive tutoring sessions, with tutors and advanced content.“
With current employee strength of 90, the six-year-old startup is looking forward to hiring people for their Riyadh, Bengaluru, and Cairo offices. With plans to enter the Indian market, the startup aims to use a part of the funds to also build engineering and product teams and double its growth.
The startup has recently appointed M. Mohan as VP Engineering. Mohan, a specialist in technology, program and product management comes with nearly 20 years of experience with established brands like Amazon, Microsoft, Yahoo and Ola. Omar Almajdouie , Founding Partner, Raed Ventures along with Hani Enaya, STV partner and Abdullah Elyas, Co-founder Careem will soon join Noon Academy's board of directors.
Currently, the app has over two million student users and 1,500 certified tutors across Saudi Arabia and Egypt facilitating students to study in groups, compete with each other and request tutors as well. Per visit students spend an average of one hour on the app vs the EdTech industry average of 14 minutes per visit.
Speaking of the app, Mohammed Aldhallan, Co-founder and Chief Executive, Noon Academy said, "Our app is transforming into an open platform, where teachers the world over can start educational groups, allowing other tutors to cultivate their following and generate additional income through performance and positive reviews."
With IBEF (India Brand Equity Foundation) estimating the net worth of Indian education market to grow to $5.7 Bn by 2020, this might just be the right time to invest in the EdTech industry and disrupt the education sector.