BENGALURU: Edtech startup Eupheus Learning has raised $4.1 million in a Series B funding round, led by Kuwait-based United Education Company (UEC) and Al Rayan Holding Company (ARHC) in which UEC holds a majority stake.
Last year, the four-year old, Delhi-based firm raised $4.3 million in equity and debt funding led by Yuj Ventures, the family office of Sid Yog, founding partner of The Xander Group.
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Eupheus will use the fresh funds to fuel its expansion, focusing on home learning solutions, leveraging customer acquisition through its school ecosystem. It will also focus on international expansion starting with West Asia and entering Sri Lanka and Bangladesh. The firm will also pursue inorganic growth opportunities through acquisitions.
Eupheus sells curriculum and homework tracking services on a subscription model to schools and claims it turned profitable within 21 months of its operations. It posted Rs72 crore in revenue in 2019-20.
“…We see a huge opportunity in utilising their (Eupheus) offerings to improve learning outcomes across our network of schools in the Middle East. We feel that the omni-channel approach of Eupheus is the way forward to build a scalable profitable model in the edtech space,” Shaikha Dana Nasser Al-Sabah, chairperson, UEC, said in a statement.
In the second half of 2020, Eupheus launched its home learning solution Learn2Code, a gamified solution for coding in partnership with Canadian coding company RoboGarden. Learn2Code has since then onboarded around 700 schools and 1,80,000 students.
Sarvesh Shrivastava, founder, Eupheus, said, “Eupheus has established a strong presence in the B2B edtech space in India and we look forward to expanding our geographical presence, increasing our engagement with schools, and bringing more innovative learning solutions to our target markets.”