E-learning platform Edureka has raised $2 Mn in its first round of funding from venture fund Leo Capital India. As part of the round, Rajul Garg, founder and managing partner of Leo Capital India, has joined the board of Edureka.
The startup will use the proceeds to achieve growth targets and bring senior leadership on board.
Lovleen Bhatia, co-founder & CEO Edureka stated, “With this investment, we will continue to focus on scaling up our team, enhancing our core product and improving customer experience to achieve our target of achieving 6x growth in the next three years. We’re also excited to welcome veteran investor and serial entrepreneur Rajul Garg into the company.”
Till date, the Bengaluru-based startup was run on the Rs 1.5 Cr cash investment from its founders since inception.
The e-learning startup founded in 2011 now claims to have nearly 700,000 professionals and students on board led by the US, which contributes more than 40% of its learner base, followed by India. It provides training in technologies such as Big Data, cloud computing, artificial intelligence, and blockchain among others.
In the e-learning space, it competes with companies such as Coursera, Simplilearn, Udacity, and Udemy.
As per a joint report by Google and KPMG, skilling and online certification courses are currently the dominant category with a 38%. The e-learning industry is expected to hit the $2 Bn mark by 2021, according to the report. Recently, online education platform Udacity announced it is doubling down on working with enterprises to both upskill employees as well as add more hiring partners in India.