Funds will be invested in expanding operations
Learning app ‘Practically’ has raised $4 million in a pre-Series B round that was led by deep tech investor Siana Capital.
The funding will be used for expanding operations. Existing investors YourNest Venture Capital and Exfinity Ventures also participated in this funding round. In 2019, Pratically had raised a Series A funding of $5 million in 2019, said Hyderabad-based startup 3rdFlix Visual Effects, which is behind Practically.
“Our expansion plan includes establishing a footprint pan-India in the next 12 months. We are also aiming to expand operations in the Middle East and set foot into the U.S. market in near future,” co-founder and COO Charu Noheria said.
An interactive and immersive learning app for students of classes 6-12 with a focus on STEM learning, the app covers universal curriculum across Mathematics and Science for 6th-12th grades. Over 130 schools across India are using Practically to enable online classes during the pandemic, a release said.
Founder and CEO Subbarao Siddabattula said “The tremendous response we are seeing for Practically from schools, administration, faculty, parents and students validates our model. Our progress so far is in-line with our strategic growth plans and we are very well placed to tap the accelerated growth that the EdTech industry is witnessing today.”
The company cited a Ministry of Human Resource Development estimate which said India’s EdTech expenditure would reach $10 trillion by 2030.
The EdTech sector is seeing significant investments and expenditure by governments, schools, universities, students, and professionals globally. The increasing usage of online learning, propelled by the COVID-19 lockdown, comparatively lower operational costs than physical classes, high penetration of internet and smartphone and 43% of the population falling between the age of 5–24 years, have proven to be significant growth drivers for the industry, the release said.
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