The UAE-based VC fund Winter Capital led a $22.5 million Series-A investment round for the edtech startup Uolo.
Existing investors Blume Ventures and the new Dubai-based fund Morphosis Venture Capital both participated in the investment round, as per reported by Entrepreneur.com.
“The truth is that, after a few hours of play, rest and mandatory school homework, K-12 students do not have much time left. The edtech solutions need to build on top of 6 hours spent in school daily and magnify the outcomes by leveraging the smartphones available at home. The lack of alignment with school, together with exorbitant pricing is causing edtech companies to falter,” said Pallav Pandey, CEO of Uolo.
According to a statement made by the company, Uolo had earlier raised a seed round of INR 20 headed by VC funds Blume Ventures in November 2020.
“The first wave of edtech companies in India have proven consumer interest in online education. However, they lacked a cost-effective distribution. We believe that there will be a new generation of edtech companies capable of building organic, low-cost distribution, allowing students to study at $10 per year rather than $10 per hour. Our investment in Uolo is based on our confidence in this type of company,” Anton Farlenkov, managing director of Winter Capital.
A learning startup called Uolo wants to help schools all around India raise pupils who are equipped with the skills they need for the future. They accomplish this by offering academic in-school curriculum in vital subjects like English communication, coding, etc. This makes it possible for schools to guarantee the overall growth of their students.
With their sophisticated school platform, they also aid in the efficient and effective administration of schools.