Indian-based EdTech startup Uolo has raised $22.5 million in Series A funding. Uolo will use the fund to expand its reach to 50,000 Indian schools within four years.
Founded in September 2020, Uolo has reached 3.7 million students through its collaboration with over 8,500 schools. The startup offers affordable customized courses in coding and English speaking and plans to diversify its programs with new classes across STEAM subjects.
CEO Pallav Pandey explained that Uolo keeps its costs down by partnering with private schools — unlike other EdTech startups, which use a business-to-consumer model.
We take edtech to the masses of India
Pallav Pandey
“We take EdTech to the masses of India. And when we do that, the idea is that you make it cheap enough, affordable enough for people to be able to take it for their children,” Pandey said.
The startup uses the Uolo School Platform as an entry gate for schools to enter its ecosystem. Partner schools can access the platform, a hub where they can manage fees, report cards and attendance, for free. Parents can also use the app to communicate directly with schools instead of using other communication methods like WhatsApp.
“What we have been able to do is get schools and students on one end of the platform, so now we need to get digital learning to flow through us,” Pandey continued.
The UAE-headquartered VC fund Winter Capital led the funding round, with participation from Blume Ventures, Morphosis Venture Capital and Winter Capital.
Winter Capital managing director Anton Farlenkov said that Indian consumers have a great interest in online education, but most EdTech companies fail to maintain “a cost-effective distribution.” He believes Uolo will inspire a new generation of EdTech companies that allow students to study online at an affordable price.
“Our investment in Uolo is based on our confidence in this type of company,” Farlenkov said.
