Edtech firm AEON Learning backed by Infosys co-founder Kris Gopalakrishnan has raised $3.2 million from MEMG Family Office, set up by Manipal Education and Medical Group chairman Ranjan Pai.
AEON will use the fresh funding towards growing business from its university partnerships, and skill programmes, reports Mint.
AEON Learning offers technology to universities for their courses through its platform Avagmah. It reaches to 22,000 students across 66 countries, with 20 per cent business originating from the US through its platform Avagmah.
The startup expects to reach a student base of over 1,00,000 in the next five years and is operating in India and the US.
So far, it has raised a total $6.5 million from likes of Meena Ganesh, Infosys co-founder Kris Gopalakrishnan, Aptech and Hexaware founder Atul Nishar and Lion Rock Capital founding partner Srihari Kumar.
In November, last year, AEON acquired Bengaluru-based Acadgild, which offers high-end tech skills to mid-career IT professionals for about $10 million in an all-stock deal.
Of late, a slew of edtech startup have raised capital. Last week CollPoll raised an undisclosed amount of funding in a pre-Series A round led by Manipal Global Education Services (MaGE).
In December, last year Springboard raised $9.5 Mn in its Series A round. Prior to that, online learning platform Meritnation raised Rs 38 crore from Info Edge in November. The company also invested Rs 5.66 crore in Delhi-based edtech startup NoPaperForms.
Around the same time, Delhi-based Leverage Edu, an online platform for higher education, raised an undisclosed amount of financing from a clutch of investors.
According to a joint report by Google and consultancy firm KPMG, India’s online education industry is expected to grow almost eight times to hit $1.96 billion by 2021, with the number of paid users rising six-fold from 1.6 million now to 9.6 million.