Mumbai, India: Mumbai Angels Network, a premium platform for early-stage investments, along with Auxano, and other eminent angel investors, has invested INR 5crore in Ed-tech startup Avishkaar as a part of pre series A.
Avishkaar is a category leader in next-generation technology education that focuses on robotics, AI, coding, and app development for children between 5 and 15 years of age through its hardware and software products. Avishkaar plans to utilize the funding towards product development and further expansion of its portfolio in addition to hiring talent. Further, with its mission to build an army of young innovators globally, the company will invest in marketing; India will continue to be a focus market this year with enough scope to grow in Tier-I and Tier-II cities while catering to inbound queries from international institutions.
Speaking about the investment, Tarun Bhalla, Co-founder, and CEO, Avishkaar said, “Avishkaar’s goal since its inception has been to create an army of innovators. Exponential technologies like AI, Robotics, Coding, and 3D printing are already defining the world around us. However, with COVID-19, technology is at the heart of everything, and we must impart these skills amongst our children if they find these fields exciting. Avishkaar’s approach is one of the platforms that comprises hardware kits, software solutions, and LIVE online classes to ensure that children have the right tools, curriculum, coaching, and environment to excel at these skills.
“We are quite thrilled to have Auxano further its faith in the Avishkaar story, and we are happy to have the new investors coming on board to take our cause forward”, he added.
Adding to this, Ms. Nandini Mansinghka, Co-Founder, and CEO of Mumbai Angels Network said, “Ed-tech is one of the most lucrative sectors and one of the few industries that has emerged triumphant from the pandemic’s impact. The education sector will heavily rely on technology-driven teaching and learning even after the pandemic has passed. Avishkaar has been consistent in providing seamless solutions that cater to today’s learners and we believe that this investment will enable them to further innovate, expand their offerings, and grow.”
“Since the time of our investment in 2018, the Avishkaar team has witnessed a life cycle in the business, both good and not-so-good times, and their passion along with tenacity has been displayed over the years. Having launched new product lines along with creating new verticals, strengthening the leadership and operational teams, Avishkaar is poised to reach greater heights”, Brijesh Damodaran Nair, Founder & Managing Partner, Auxano added.
“Avishkaar, with their B2C focus has seen early traction accelerated by the tech adaption in the education industry due to Covid19, capitalising on the need of the parents and students to learn these future-ready skills. Accoutred with a hybrid model which allows them to address both ends of the spectrum, they are led by a proficient team that understands the education space. A combination of these ingredients leaves Avishkaar poised for growth hereon shared deal lead”, Angad Singh Bilochpura, CEO & Promoter at Estrela Inc Group & Estrela Global Ventures added.
Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 60 of them. Today the platform has 550+ investors spread across 40+ cities within and outside India.