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Foradian Technologies, the provider of enterprise software solutions for the education industry, has raised $2million funding from William Bissell, Managing Director of Fabindia. The New Delhi-based law firm MPC Legal has advised William Bissell on structuring the deal.
A press statement by Foradian said that it will use the funds to add more features to its flagship product Fedena and take the product to new markets across the globe. Fedena is a multipurpose school and campus management system. It said that Fedena is used by more than 40,000 schools and colleges in over 100 countries around the world.
Unni Koroth, CEO of Foradian Technologies, said: ‘‘Adoption of Fedena in educational institutions has grown explosively over the last few years. This funding will allow us to expand our team, improve the product further and scale for future growth. It will also give a fillip to our vision of building an ecosystem around Fedena. William will be an invaluable addition to the board as we target to be a billion dollar company by 2020.”
William Bissell has a personal interest in the education sector. ‘The Fabindia School’ in Rajasthan of which he is a patron uses all features that Fedena offers for its student management system.
Talking about his investment in Foradian, William Bissell said: “Educational institutions are increasingly becoming complex organisations. Fedena is a useful solution that helps integrate all the administrative functions of a school into a single, easy-to-use software. Fedena also has a unique business model that facilitates usage among elite institutes on the one hand and non-profit organisations, NGOs and government institutions on the other.”
The COO of Foradian Technologies Abdulla Hisham said: “Fedena is being used in several developing countries and with this round of funding, we will now look to scale horizontally via expanding our business in markets like the US, Canada and Europe.”
Fedena’s multipurpose school and campus management software is used by educational institutions for all administration, management and learning related activities. Fedena can be used to manage students, teachers, employees, courses and all systems and processes related to running an education institution. Foradian Technologies was founded in 2009 by Abdulla Hisham, Abdul Salam, Arun Raveendran, Arvind GS, Unni Koroth and Vishwajith in Kssaragod district. It is headquartered in Bangalore now.
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