Furtados School of Music, which is operated by FSM Education Pvt. Ltd, has raised Rs 20 crore ($2.7 million) in a fresh round of funding from a clutch new and existing investors.
New investor such as Indian Angel Network Fund contributed to the funding round. Existing investor DSG Consumer Partners also participated in the round.
The Mumba-based music firm will use the funds to expand its presence across major cities in the country and will also scale up its technology infrastructure including app services, FSM said in a statement.
Tanuja Gomes, chief executive officer and co-founder at FSM, said the firm is imparting music to over 60,000 students, across14 cities which include tier 1,2 and 3. “We are now looking to expand our business and reach a student base of over 500,000,” Gomes said.
Gomes, who was a seasoned banking professional before launching the FSM in 2010, worked with multinational banks like HSBC and Barclays in India and Singapore. The company’s other co-founder Dharini Upadhyaya had also been associated with several banks such as Barclays, DBS, and ICICI.
FSM claims to be drawing its legacy from 154-year-old musical instrument retail chain Furtados, one of the largest retailers of musical instruments in the country. The firm offers pre-school content curriculum Music is Fun, and other music programmes in all leading K-12 schools. It also provide home tuitions through their mobile app High.
Investors
DSG Consumer Partners marked the final close of its third fund at $65 million (Rs 465 crore) last week, overshooting the target of $50 million.
The VC firm's investments from the second fund include yogurt maker Epigamia, mother and baby-care venture The Mom’s Co, craft beer startup Goa Brewing Co, vegan personal care brand Arata and cold brew coffee venture Sleepy Owl.
From its first fund, it invested in companies such as hospitality chain Oyo, mobile payments service provider Mswipe Technologies.
IAN Fund also marked its final close at Rs 375 crore ($53 million) early this month, surpassing the corpus target by Rs 25 crore. VCCircle reported in April that the IAN Fund had already raised the corpus target of Rs 350 crore and it was looking to make the final close soon. The fund had the window to raise another Rs 100 crore.
The fund, which is largely sector-agnostic, focuses on healthcare and medical devices, software as a service, marketplaces, fintech, big data, artificial intelligence, and hardware. It invests between Rs 25 lakh and Rs 50 crore in a startup.
Some of its recent bets include micro-mobility startup Zypp, air pollution control firm Chakr, waterless solar panel cleaning startup Nocca Robotics, cataloguing startup Flatpebble, local discovery and e-commerce platform Little Black Book and data analytics firm Clootrack.