Skillphul Business Toys Pvt Ltd, which runs upskilling platform Moat School, on Monday said it has secured an undisclosed capital from online travel agency MakeMyTrip’s director at product management Anurag Verma.
The fresh funds will be used towards developing Moat School’s tech stack, product development and geographical expansion.
Founded by Uttam Tiwari, Omkar Raikar, Vaibhav Keskar, Manikanta Prasad and Balaji S in 2021, Moat School offers certified technology programs to students and professionals.
The company claims to have 1,000 applications with a 24% conversion to long-term courses. It also claims to have received over 2,000 monthly student inquiries and has recently launched its 40th cohort with 425 students and has a 70% placement ratio.
The Bengaluru-based startup targets to hit Rs 5 crore in revenue and aims for an 8X growth in the next 12-18 months.
“We empower potential leaders with skills needed for future careers, further boosting the growth of the digital-first corporate world,” said Tiwari.
The funding announcement comes at a time when the edtech sector has been going through one of the toughest funding crunches in the recent past. Last year, more than 8,000 employees working in the edtech segment were being handed pink slips with edtech unicorn Lead School being the latest startup to lay off its employees. The startup, in January sacked nearly 60 more staff in its second round of layoffs in less than six months.
Despite the funding crunch, some edtech startups have managed to raise funds, albeit of smaller value.
In January, gaming-focused edtech platform upsurge secured pre-seed funding of $370,000 (around Rs 3 crore) from venture capital firm JCBL India. Prior to that, learning management system startup Toddle said it has secured $17 million led by Sequoia Capital India in a Series A fundraise.