Edtech Startup Tinkerly Raises INR 6.5 Cr Led By Navneet Education And Others Funds will be used for product development, increasing consumer awareness, emphasis will be on creating vernacular content
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Jaipur-based edtech startup Tinkerly, on Wednesday, announced to have raised INR 6.5 crore in the latest round by Navneet Tech Ventures (a wholly-owned subsidiary of publication and content provider, Navneet Education Limited(NEL).
With this round, the total funding in the company will reach INR 10 crore. The round witnessed additional participation from the existing investors SucSEED Angel Network, Keiretsu Forum, Divyashish Jindal (Doubtnut), Chand Das (ITC Education), Saurabh Aggarwal (Fitso), Marwari Catalysts, and others. Skwerup Capital Partners has advised the company in this transaction.
"The fresh capital will multiply our efforts to rapidly grow the online user base and invest in technology. Tinkerly's unique (kit and live class) courses combined with Navneet, India's most loved education brand that carries a six-decade-old legacy, will set new benchmarks of learning outcomes and spark the joy of making among students across the globe," said Sharad Bansal, co-founder, and chief executive officer, Tinkerly's.
The funds will be used in product development, increase consumer awareness, and expanding in new geographies with vernacular content as the company aims to create a strong Global (global with localized enhancements) brand.
"Every child's hope and dreams have no boundaries. Tinkerly's child-oriented approach towards coding harnesses this enthusiasm and successfully channels it towards a productive learning experience. Programs like these assists in the development of reasoning and analytical skills. Tinkerly's approach is in the right direction and ensures that our children are future-ready, and as a Company, they are taking a leap in the right direction as well," shared Ketan Gala, director, Navneet Tech Ventures.
Tinkerly's monthly revenues have grown eightfold in the past 3 months since the launch of the new version of its learning platform Let's Tinker in April of this year.
"As one of the first few companies that RAIN invested in, the team of confident, young, techies stood out for me. The team and its adaptive tenacity have stood the company in its tough times and will continue to do so. I can foresee a great and bright future for all of them and Tinkerly," commented Mahavir Pratap Sharma, chairman and co-founder, Rajasthan Angels (RAIN), and chairman, TIE India Angels (TIA).
The platform has over 50,000 online learners who have consumed over 300,000 hours of learning. The company's existing reach in more than 6000 schools and over 100 learning centers allow it to acquire 60 per cent of its users from organic channels at near-zero CAC.
"We are proud to be a part of Tinkerly and to support it since we first invested in 2018. It's great to witness Tinkerly consistently demonstrating its value proposition by using STEM innovatively and helping students to learn and grow. We believe that investment by a large publishing house like Navneet validates the potential of STEM education in India, and with re-opening of schools, its growth will further strengthen," added Dhiraj Sinha Kumar, co-founder, SucSEED Angels Network.
Prior to COVID-19, exposure to Robotics or Coding was limited to students studying in less than 1 per cent of total Indian schools. With the adoption of online learning, access to quality learning has been democratized. Tinkerly's blend of toys and vernacular content enables students to design cool robots, make smart AI gadgets, and write unlimited lines of code alongside the live guidance from teachers in their first language all at one place, the company said.
