Mumbai Angels and others invest INR 14.31 Cr in Pre Series A round of Speedlabs, an EdTech Platform

 

Mumbai Angels and others invest INR 14.31 Cr in Pre Series A round of Speedlabs, an EdTech Platform

17th May 2022: Mumbai Angels, a premium platform for private investments, has invested in SpeEdLabs, one of the leading AI-based EdTech platforms, as a part of the Pre-Series A funding. The fund raise to the tune of INR 14.31 Cr, also saw the participation of LetsVenture, Ecosystem Ventures and SucSeed Ventures. SpeEdLabs will direct the freshly infused capital towards expanding its presence and bolstering its infrastructure.

Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels said, “The advent of AI enabled Platform-as-a-Services solutions have been revolutionizing the hitherto unorganized after school tuition market. There is a tremendous demand for the non-generic mode of learning given the one size fits all education system prevalent in India today. We are confident that the unique tech driven learning solutions will continue to enrich students' learnings and fuel future demand for personalized coaching.”

“As the world gradually moves toward a hybrid model of education, it’s high time children/students receive education personalized as per their requirements. Pure Online Tutoring was a forced choice during Covid lockdown, but now the Offline classroom model using technology will be the successful hybrid model. SpeEdLabs platform uses data-driven hyper personalization, dynamic adaptive learning, algo driven automated content management and analytical data visualization to help students achieve their potential as we bring the best of both worlds. We are also delighted to have marquee investors supporting our journey. Currently present in 200+ cities, enabling 100,000+ students and empowering over 5000 teachers, SpeEdLabs will soon be expanding their presence to 800 cities across 23 states in the country,” added Vivek Varshney, Founder of SpeEdLabs.

Having scaled 10x in 18 months in product revenues and a funnel of 3000+ clients, SpeEdLabs is well on its way to crossing INR 1.5 Cr per month by June 2022. Currently, SpeEdLabs gets over 2m+  questions, recommended by SpeEdLabs Question recommendation engine, practiced on its platform monthly, which provide more than 10m+ analytical data points per month. Multiple algos use this data to provide recommended and curated content to both the teachers and the students so that learning outcomes are optimized. As compared to online lecturing / recorded lectures and LMS based applications, the SpeEdLabs platform offers a comprehensive platform with tools for adaptive revision, practice, test and video content which complement the offline lectures to complete the hybrid pedagogy for unorganized tutoring market

About Mumbai Angels Started in 2006, Mumbai Angels is India’s premier platform focused on new venture investing. Mumbai Angels today has invested in 200+ companies in its portfolio across sectors and cities  in India. Of the overall portfolio, the platform has exited/ secured the next round of funding for 100+ of them. Today the platform has 700+ investors spread across 60+ cities across the globe.