Edtech firm Uolo raises $7 million led by Five Sigma

Edtech startup Uolo has raised $7 million (around ₹63 crore) in a funding round led by Australian VC firm Five Sigma.

The round also saw participation from existing investors such as Blume Ventures, Morphosis, and Alicorn.

The startup plans to use the funds to grow its network of school partners, develop AI-based learning companions, and improve its products.

Read also- Fintech lender Fibe raises $35M in round from IFC

“There are two key challenges that need to be addressed when we talk about the adoption of technology or AI in the education ecosystem. The first is affordability, and second is adherence which schools solve for,” Uolo founder and chief executive Pallav Pandey said.

“All of these mass-market solutions that have been in the market have priced themselves far beyond what people can afford. We believe there is massive demand for programmes like this, but you have to price them right,” said Pandey.

Peter Mobbs, managing partner at Five Sigma, said, “Education is one of the largest markets for AI, but succeeding in it requires trust, distribution through schools, and, most importantly, alignment with the six hours a child spends in school daily.”

About Uolo 

Uolo was founded in 2013 by Pallav Pandey, Ankur Pandey, and Badrish Agarwal as a school communication platform, initially working with 150 schools.

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In 2020, the business was taken over by a new venture, Uolo Edtech with Pallav Pandey as co-founder and CEO. The company then shifted its focus to partnering with schools to provide textbooks in subjects like English, math, computer science and general knowledge, along with a home-practice app for students.

Currently, Uolo says it serves over 2,500 schools in India and has more than 1.1 million paying students.

Before this round, Uolo raised $22.5 million in a Series A round in 2022 led by UAE-based Winter Capital, along with Blume Ventures and Morphosis, and also had an earlier seed round in November 2020.

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