Edtech SaaS (software as a service) startup Toddle, on Tuesday said it has secured $17 million (Rs 140 crore) led by Sequoia Capital India in a Series A funding exercise.
Tenacity Ventures and Trifecta Capital also participated in the funding round, along with existing investors Matrix Partners, Beenext, and Better Capital, as per reported by Moneycontrol.
“A significant part of this (the fund raised) would be used in product development and furthering the growth initiative. So far, we have focused on content, design, and community initiatives. Going forward, we intend to double down on that as well as start experimenting with go-to-market efforts,” said Deepanshu Arora, co-founder and chief executive officer (CEO) of Toddle, in a virtual interaction with Moneycontrol.
Arora also said the company plans to hire for 70 to 80 positions in the next four to five months. “Few senior roles are critical for us like a VP (vice president) of marketing, VP of sales, Head of people, to build a leadership team,” he said. The company, however, did not disclose details on its valuation post the funding round.
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Toddle, a Bengaluru-based company founded in 2019 by Deepanshu Arora, Gautam Arora, Misbah Jafary, Nikhil Poonawalla, and Parita Parekh, gives teachers learning management tools so they may thoroughly document, arrange, and plan for pupils.
Arora said the company has had a global outlook from day one. “About 40 percent of our revenues come from North and South America combined, about 30 percent comes from Europe and the Middle East, and the rest comes from the Asia Pacific. Within that India is about seven to eight percent of our revenue,”
“The Toddle founders’ passion for education is palpable and has grown on us in the several years that we have known them. They have poured this passion into building a product that is widely loved by educators around the world. Their school-led approach is refreshing and we are thrilled to partner with them in their quest to transform teaching and learning,” said Ashish Agrawal, managing director of Sequoia Capital India.
“In 2019, we were at about 50 paid schools, in 2020, it was at about 180-190, in 2021 it was around 400 and then in 2022, we have around 800 paying customers. We are doubling our base every year,” Arora added.
Toddle provides a centralised platform for educators to share ideas and keep tabs on students’ progress in their classes. Credit – Moneycontrol