Bangalore-based edtech startup Foradian Technologies has raised a $2 million angel round from William Bissell, MD of FabIndia.
The funding will be used to further develop the product and to spread into new markets in the US, Asia and Europe.
Founded in 2009 Foradian Technologies created Fedena, an open source learning and school management platform that helps institutions, teachers and learners manage their administrative and learning related tasks.
In a statement Bissell says the following about his motivation to invest in Foradian:
“Educational institutions are increasingly becoming complex organisations. Fedena is a useful solution that helps integrate all the administrative functions of a school into a single easy-to-use software.”
According to the startup Fedana is being used in some 40,000 institutions in 100 countries and has its strongest footprint in different African countries, Latin America and Asia. The platform exists in a free and a paid version; of the total 40,000 schools that use Fedana, 2,000 are paying customers. More recently the 30-person-team also created an additional product, Uzity, which is a Learning Content Management System.
Foradian says it is profitable with revenue exceeding $2 million last year aims for $3 million in revenue this fiscal year.
Co-founder and CEO Unni Koroth states:
“This funding will allow us to expand our team, improve the product further and scale up for future growth. It will also give a fillip to our vision of building an ecosystem around Fedena. William will be an invaluable addition to the board as we target to be a billion dollar company by the year 2020.”
According to DealCurry the Indian edtech market currently has a size of $20 billion and is estimated to grow to $ 40 billion by 2017. Focus areas include pre-schools, private coaching and tutoring, teacher training, the development and provision of multimedia content, educational software development, skill enhancement, IT training and e-learning.
First reported by: EdSurge
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