ClassMonitor, an edtech startup focused on kids and parents, has provided a 2x exit to its angel investors within two years, as UAE investor Calega’s family office increased its shareholding in the firm, a person privy to the development told VCCircle.
Calega’s family office has now purchased an increased holding (undisclosed) from the home learning ed-tech startup’s other early-stage angel investors, including Mukesh Hajela, NICT Chairperson and Siddharth Jain, Director Siddhartha Metals. Both parties made their exit at the start of November.
“This is a big milestone and achievement for us at ClassMonitor. In the past quarter, we have touched over 20,000 customers and helped over one lakh kids so far in shaping their initial learning years. This exit displays our current growth and re-establishes the faith provided by our investors in us, and in this ecosystem at large,” Vijeet Pandey, Co-Founder and CEO at ClassMonitor, said in the statement.
Details of the investments made by Haleja and Jain in October 2018, when ClassMonitor raised Rs 1.25 crore, remain undisclosed. As part of the angel round, the startup was funded by investors such as Calega’s family office and Piyush Jain, Chief Financial Officer of the Al Hajri group, an angel investor that has invested in over 25 start-ups globally. Other investors include Venkat Aiyar (Audit Head, COO of Fullerton), Vivek Venkateshan (CFO of Spicemoney) and Madhya Pradesh-based road firm PATH India (Prakash Asphaltings & Toll Highways India) the statement said.
Till date, ClassMonitor has raised Rs 6 crore since inception in 2016, and plans to raise a Series A round soon.
This was raised in three tranches, of which Rs 3.27 crore ($477,700) was part of the recent pre-Series A funding round in May 2021 reported exclusively by VCCircle.
ClassMonitor, operated by Riseom Solutions Pvt Ltd, provides a home-learning platform for children in the age group of one to eight years. It blends traditional teaching with modern methods of learning aimed at addressing the year-long learning requirements of these children. The Indore-based startup was founded in 2016 by Pandey and Vikas Rishishwar.
It witnessed the onboarding of 20,000 customers in the last three months, and aims to clock another 40,000 in the next three months, and garner one lakh customers by the end of 2021. “The startup currently has an ARR (Annual Recurring Revenue) of Rs 10 crore, and aims to tap rapid growth and reach to Rs 20 crore by March 2022,” the company said in a statement.
Currently, the startup has 95% of their total users from India, and 5% from overseas. It is aiming to increase the ratio to 90% from India and 10% from abroad, respectively, over the next six months.
Domestically, its key customer base is in Tamil Nadu, Karnataka and Maharashtra, and is also looking to strengthen their base in Uttar Pradesh, Gujarat and Rajasthan.
“Additionally, the startup expects growth in the Philippines, Australia, and the Middle East markets and aims to continue deeper penetration in the Tier 1-3 markets,” the statement said.
