Bengaluru-based online life-skill development platform Uable has raised $3.5 Mn in a pre-Series A round led by JAFCO Asia and Chiratae Ventures. Existing investor 3one4 Capital also participated in this round.
Uable plans to use the freshly acquired funds to form a global team, expand the product globally and add more real-world domains for teenagers to explore.
Uable is planning to create a new category of edtech which completely focuses on skill development without giving creativity a miss. The company was established in 2019 by Saurabh Saxena, who was one of the founders of leading edtech startup Vedantu.
Saxena, founder and CEO at Uable said, “At Uable, we are challenging the status quo of education, where for decades and possibly centuries, the notion that securing the highest marks, grades and degrees alone determined one’s future and chances of success. However, we are here to change that notion and bring a paradigm shift in education.”
Uable claims to be striving to enable teens between 13 and 18 years of age to explore and outline their own career paths in the 21st-century domains including but not limited to AI, Space Tech, Climate Change, Gig Economy, and Robotics. According to the company, its courses will give kids an opportunity to engage themselves in real-world experiences, learn from companions and get mentorship from global domain experts. Though it is a subscription-only model, the company is exploring the chances of extending certain courses for free. As of July last year, Uable was conducting free workshops to onboard more children into this learning experience.
“I have been an educator and an entrepreneur for the last 15 years… As a professional educator, I have seen that part of the world — conventional education system, star teacher, content, exams, rank, grades, marks, the entire journey — but over the last few years I started to realize that we need to see education from a different lens and we are only pushing them into a rat race by pushing them into a conventional system,” Saxena said.
Uable’s last funding round was a seed round worth an undisclosed amount, led by 3one4 Capital in July last year.
With a market size of $2.8 Bn in 2020, the Indian edtech sector is assumed to grow at a compound annual growth rate (CAGR) of 39% to reach a market size of $10.4 Bn by 2025. Some of the significant factors encouraging the adoption of edtech apps in the country will be the comfort and cost-efficiency of the products and services, a hike in out-of-pocket expenditure on education and an increase in course fees.
Test preparation, K12 learning, online certification, and skill development are expected to be the important drivers of demand for Indian edtech startups in the coming years.
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