Bangalore-based edtech startup AEON Learning has raised $3.2mn in Series B funding. The fund was led by MEMG Family Office LLP, a fund set up by Dr Ranjan Pai, chairman of the Manipal Education and Medical Group.
As per the company’s official statement, the fund will be deployed towards marketing outreach and business expansion through its university partnerships and skill programs.
“Skills gap is a huge roadblock for continuing economic growth not just in India, but around the world. AEON Learning has the right product portfolio and a highly competent leadership team, which is making a difference in the evolving online education industry. The global online education market opportunity is huge, and we are glad to partner and support AEON Learning as they gear up to leverage this opportunity,” said Dr Ranjan Pai, CEO and MD of MEMG.
Founded by Karthik KS and Vikalp Jain, AEON Learning offers its platforms Avagmah and Acadgild, that has continuing higher education offered by its academic partners and technology skills courses to working professionals, helping them upgrade their skills and capabilities to remain relevant in today’s fast-evolving employment scenario.
The startup currently operates in India and the US, and further plans to expand into new geographies and go global with its academic collaborations.
AEON Learning currently has a total student base of 20,000 spanning across 66 countries and works with 7 leading institutes and university partners, 36 corporate partners, with 20% business originating from the US. Further, the firm expects to reach a student base of over 100,000 in the next five years.
Karthik KS, founder and CEO of AEON Learning says, “The combined and complementary strengths of Avagmah and Acadgild have already positioned AEON Learning at the forefront of the tech-enabled education revolution in India. With a proven track record of successful execution, we are now ready to scale up and serve more users with an integrated portfolio of technology skills and in-demand higher education courses.”
Most recently, AEON Learning acquired the business of online edtech startup Acadgild, which takes a differentiated approach and offers a hybrid model that combines live classes and an online platform for learning. Acadgild was co-founded by Vikalp Jain and Vinod Dham in 2014.
AEON Learning has cumulatively secured $6.5 million from marquee investors like Kris Gopalakrishnan, co-founder of Infosys; Atul Nishar, founder of Hexaware and Aptech Computer Education; Singapore based Lionrock Capital; Neeraj Bhargava, of Zodius Capital, Jupiter Capital and Enki in the past. Both Avagmah and Acadgild have been promoted by GrowthStory.
In the last financial year, AEON Learning has expanded its operations from just in South India to now being present in 150 towns and cities across the country and have posted a combined growth of 100%. The company aims to tap into the fast-growing online higher education market, which is pegged to be a $1.96 billion industry by 2021.
There has also been a surge in investment in edtech sector. Most recently, CollPoll has raised an undisclosed amount in Pre-Series A funding round led by Manipal Global Education Services.