The Hindu Business Line : Extramarks.com seeks VC funding for expansion

New Delhi, Nov. 29 Extramarks.com, an educational support system offering support after school hours to students, is looking to expand its footprints both in the domestic and overseas market.

The company may go in for a capital infusion of $5 million (approx Rs 20 crore) for which it is in advance talks with venture capital firms.

Extramarks.com offers academic support to students of Class 6-12 based on the NCERT syllabus.

“There is a pressing need for quality education. As the student communities expand, it is imperative to find good quality teachers. Our initiative has been to bring together students and teachers under a common platform,” the Chairman Extramarks.com, Mr Atul Kulshrestha, who is also the promoter of BPO company Cleave Global e-Services, told Business Line.

Creating content

The company has created a huge content based on various subjects. A large network of teachers has also been roped in to help the students in real time.

They provide individualised coaching from 3 p.m. to 11 p.m., he said adding that the feature will be available on holidays also.

The 45-member team is looking to raise its headcount to scale up its presence. The company has about 34,000 registered users.

Mr Kulshrestha said the company is in advance stage of talks with venture capital firms for its first funding of $ 5 million.

The capital would be deployed for implementing new age technologies like white board, broadcasting for virtual classrooms, expansion of its footprint across geographies, and introduction of syllabus for higher education and curricula of state educational boards. The portal charges Rs 1,200 per year for providing expert guidance to its paid members.

In the next six months, the company will be covering Andhra Pradesh, Uttar Pradesh, Maharashtra, Tamil Nadu and Rajasthan by developing education content to supplement the respective state board curricula.

In the domestic market, tier 2 and tier 3 cities offer immense potential as there is a dearth of good teachers, he said.

Mr Kulshrestha also said the company would soon enter the US and UK markets with its products. “We have initiated a dialogue with tutors and school in the US and UK. Country specific content will be developed for the two countries,” he said, adding that in the US online tutoring is a $4-billion industry with an estimated rate of 10-15 per cent per annum.

Worldwide market for online tutoring is estimated to be in the region of $12 billion.

Extramarks.com will be spending Rs 5-6 crore for content development and technology upgradation, he said.

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