This week two education projects serving underprivileged children in India received funding. Hippocampus which operates 128 learning centers raised $2.4 million and Sudiksha Knowledge Solutions received $50k from the Pearson Affordable Learning Fund for its pre-schools in Hyderabad.
Hippocampus raises $2.4 million for Learning Centers in Rural India
Hippocampus Learning Centres, a startup that brings quality education to schools in rural India, has closed a $2.4 million round of equity funding led by the Asian Development Bank (ADB), existing investor Unitus Seed Fund and new investor Khosla impact fund.
Founded in 2011 Hippocampus Learning Centres previously raised $ 1.5 million from Acumen Fund and Lok Capital in 2012 and $600,000 from Unitus Seed Fund, Lok Capital and Acumen Fund in early 2014.
Hippocampus Learning currently operates 128 centres with 7,500 students in the state of Karnataka. The new funding will be used to expand and establish 7,600 learning centres in villages across Karnataka and India by 2016 according to the startup.
- Hippocampus raises Rs 14.4 crore in fresh round of equity funding led by Asian Development Bank and Khosla Ventures | Economic Times
Sudiksha gets $50k from Pearson Affordable Learning Fund for Pre-Schools in Underprivileged Areas
Similarly to Hippocampus Learning Centres Pearson Affordable Learning Fund (PALF) has invested $50,000 in Sudiksha Knowledge Solutions which operates pre-schools in underprivileged areas of Indian city Hyderabad.
The PALF investment is part of a larger round of funding with co-investors Ennovent, Opes Impact Fund, Village Capital, and Mr. Sadeesh Raghavan. Previous investors in Sudiksha include The Eleos Foundation, First Light Ventures, and the 1to4 Foundation.
Founded in 2010 the startup currently owns and manages 22 pre-schools run by local women in the area. It will use the money to open more schools in and around the city.
As EDUKWEST previously reported PALF also works together with Village Capital on an incubator program for early stage edtech startups in India. Sudiksha Knowledge Solutions was one of the two winners in the inaugural ‘Edupreneurs’ program.
In May 2014 we wrote about PALF’s investment in Indian Zaya Labs which has been one of the focal markets for the fund according to the press release.
In India 60% of its children never complete primary school and 90% of students never reach college which led to an explosive growth of the private education sector from an estimated $40 billion in 2008 to $70 billion by 2012 while private school enrolment of primary school students rose from 19% in 2006 to an estimated 29% in 2013 according to the Annual Status of Education Report.
- Low-cost pre-school chain taps into women entrepreneurs to provide quality education to underprivileged in India | Pearson