Mumbai-based edutech startup, Ufaber, is planning to raise about $5 million from venture capital funds and strategic investors in exchange for a 10-15 per cent stake. The company intends to raise the funds, which will be used for its expansion plans, by March 2020.

“The funding will be used for our expansion plans that include hiring additional trainers, upgrading technology and raising the capacity of the systems, among others. We have about 5,000 active students at any point of time, which we would like to increase to 50,000 in the next two years,” Rohit Jain co-founder at Ufaber, said.

The company had raised seed funding of Rs 3 crore from friends and family between 2013 to 2015. It has already enrolled more than 10 lakh registered learners, over 30,000 paid customers and 1,200 trainers. It posted Rs 20 crore revenues in FY19.

According to an ASSOCHAM report, private tutors in India on an average charge between Rs 1,000 and Rs 4,000 per hour per student on a one-to-one basis, while group tuition costs between Rs 1,000 and Rs 6,000 per month.

Founded in 2015, Ufaber provides hyper-personalised training programmes for students from the age of 9. These include Fluent Life (course for English fluency), eMaester (for trainers and teachers), IELTS Ninja (International English Language Testing System) for ESL (English as a Second Language tests), GATE School (Graduate Aptitude Test in Engineering), UPSC Pathshala (Union Public Service Commission, Being PRO (for working professionals), HOOOP (fun engagement for children), and Real School, which aims to prepare students for the jobs of 2040.

Related Topics
comment COMMENT NOW