Imarticus Learning Raises $2 Million in Series B Funding Round
August 31, 2018
Mumbai-based edtech company, Imarticus Learning, recently announced yet another successful funding round. The company just raised $2 million in a Series B round of funding. According to Crunchbase, education-focused venture capital fund CBA Capital, which also has invested in the Indian-based Buddy4Study (a scholarship platform), lead this funding round. Previously, the Imarticus Learning team raised $1 million in funding from three individual investors. The current funding round is good news for Imarticus Learning, which is already operating in Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, and Pune, but is eager to expand its territory to eventually add more international clients.
Imarticus Learning was founded by Nikhil Barshikar with Sonya Hooja and Vishal Bharat. Barshikar, who holds degrees from Rutgers, London Business School, and Columbia University, held positions with the Lehman Brothers, Nomura India, and Nomura Securities prior to launching Imarticus. Hooja arrived at Imarticus after stints at Lehman and Accenture, and Bharat previously worked in quality operations for a wide range of companies, including McCormick & Company.
Since founding Imarticus in 2012, the founders have focused on developing robust learning solutions for corporations. On their website, they describe their mission as follows as one focused on financial services and analytics training. Specific products include industry specific training, corporate services, analytics, and recruitment and placement services. So far, the company has trained over 30,000 students globally since its inception and aims to raise this figure to 55,000 students by 2020.
Not surprisingly, Barshikar is enthusiastic about the results of his company’s most recent funding round and optimistic about the future. In late August, he told Your Story, “As a well-established investor in the education sector, CBA Capital understands its potential as well as the challenges faced by the industry. Apart from being able to leverage their guidance and mentorship, the capital infusion will enhance our ability to reach out to students all over the world and bring us one step closer to redefining the relevant-skill based training landscape globally.”
India’s Edtech Scene Continues to Grow
On the K-12, higher education, and training sides of the sector, the Indian edtech scene continues to demonstrate strong growth. As reported earlier this month on eLearning Inside News, according to one recent study by Google and KPMG, India’s online education market will grow to USD 1.96 billion and around 9.6 million users by 2021 from USD 247 million and around 1.6 million users in 2016. The study, “Online Education in India: 2021,” notes that reskilling is currently the largest edtech market in India but that the market is poised for a shift and K-12 and test prep will dominate in the near future. The reason for the shift is obvious: India is home to more than 250 million students enrolled in more than 1.5 million schools and close to 40,000 colleges.
India also happens to be home a high number well-trained engineers and developers whose companies continue to demonstrate great innovation. In addition to companies like Imarticus Learning, which offers training solutions to companies, there are companies like Zebi, which is harnessing blockchain technologies to help India’s thousands of training institutes and universities better manage student records.