Singapore-based edtech startup Cialfo on Friday said it has raised $20 million (around Rs 150 crore) as a part of its Series B extension round led by Tiger Global.
The news comes after a $40 million fundraise led by global investment firm Square Peg and Australian-based SEEK Investments in January, bringing the total round size to $60 million.
According to the announcement, the amount raised till date is $77 million, including the original $15 million in Series A funding last month.
Cialfo plans to use the fresh capital across product development, ramping up marketing operations, onboarding new talents and strategic buyouts.
Founded by Rohan Pasari, Stanley Chia, and William Hund in 2017, Cialfo is a SaaS (software-as-a-service) platform that connects high school students, counsellors and universities to make the job exploration and college search process easier.
On its platform, the firm currently claims to have 270,000 active students, with over 70% of them hailing from India, Southeast Asia, and China.
"This funding will allow us to invest in continuous product development so we can deliver even more personalized and practical support to our community of students, counsellors and universities," Cialfo CEO and Co-Founder, Rohan Pasari said.
Covid-19 is predicted to trigger a short-term spike in edtech spending, which will lead to a longer-term integration of digital technology by schools from K12 to universities, and increased adoption rates of hybrid education experiences in the years ahead.
According to Research and Markets, the worldwide education technology business is undergoing a digital transition, with up to 130% growth forecast by 2027, which would benefit people from all socioeconomic and geographic origins.
According to a BLinC Investment Management report, India's edtech sector is expected to grow at a CAGR (compound annual growth rate) of over 15% from $2.8 billion in 2020 to $30 billion in 2030, making it the world's most active edtech market.
