ⓘ Featured image: Kyt co-founders; Bhavik Rathod (L) and Tripti Ahuja
India and Singapore headquartered edtech startup Kyt, on Wednesday announced that it has raised $5 million in Series A funding round led by UAE-based Alpha Wave Incubation (AWI), with participation from Sequoia Capital India Surge, January Capital, Titan Capital and some angel investors.
Alpha Wave Incubation is a venture fund managed Falcon Edge Capital, US. As a part of the investment from AWI, Kyt will expand its operations to Abu Dhabi, UAE – targeting further expansion to Gulf Cooperation Council (GCC), Middle East & North Africa (MENA).
Founded in June 2020 by husband and wife duo Bhavik Rathod and Tripti Ahuja, Kyt offers extracurricular courses by combining live classes with video-based revision materials for children from ages 5-15 years, in a full-stack model. It offers one-on-one and small group sessions for courses such as yoga, dance, music, chess and others.
According to a press statement by the company, the fresh funding will be deployed towards augmenting Kyt’s technological infrastructure, product development, enhancing the overall experience for students, and global expansion.
“The funds raised will be used for deeper investment in technology and product, to enhance the overall experience of the students and to accelerate global expansion. Kyt already has students from India, UAE and Singapore and is looking to scale its footprint to the US, Canada, UK and Australia,”said the statement
The edtech startup said that it is working on building a team of data scientists, product managers and engineers located in Abu Dhabi. Kyt is also backed by some prominent angels investors including Allen Penn, Kunal Bahl, Rohit Bansal, Amrish Rau, Kunal Shah, Jitendra Gupta, Martin Li, Apremeya Radhakrishna, Anand Chandrasekaran and Akhil Paul.
Speaking of the development, Bhavik Rathod, Co-founder & CEO of Kyt, said,
“With Kyt, we are going beyond the conventional academic learning by building an academy that nurtures holistic and all-round development of children. It is essential to foster children’s interests and encourage learning that equips them with creative and real-world skills; thereby molding their individual strengths and making them more confident,”
At present, Kyt has over 20 teachers on its platform and planning to increase the number to 500 in the next 12 months. It has secured exclusive partnerships with top educators and artists, including Indian Chess Grandmaster Vidit Gujrathi, Mumbai-based vocalists Kamakshi and Vishala, Philippines’ hip-hop legend Ruel Varindani, and celebrity yoga instructor Sabrina Merchant. Kyt plans to add more courses, including speech and debate, spelling bees, guitar and keyboard among others, the statement said.
The startup closed a seed funding round of $2.5 million from Sequoia India Surge in October 2020.
This is yet another startup funding update that represents the India-UAE relationship. For us, as a journal focusing on the startup ecosystems of India and the MENA (Middle East & North Africa) region, this is noteworthy news. On similar lines, we at LAFFAZ have launched an accelerator program called INDO-MENA Corridor that aims to formulate a dialogue between tech startups, investors, and enablers of India and the MENA region. If you are a tech startup based in India, UAE, Bahrain, Jordan, Egypt, Saudi Arabia, Lebanon or any other MENA region, head over to INDO-MENA Corridor and apply as a startup. Besides funding support and advisory, you’ll also get free and discounted access to various startup tools and amenities.