Gurugram, India-based edtech startup Udayy, last week raised $2.5 million in a seed funding round led by UAE-based Alpha Wave Incubation, a venture fund managed by US-based Falcon Edge Capital and anchored by ADQ, a state-owned holding company in Abu Dhabi. The round also saw participation from Better Capital, Cred’s Kunal Shah, and some other angel investors.
Founded in 2019 by IIT Delhi and Stanford University alumni, Saumya Yadav, Mahak Garg, and Karan Varshney, Udayy teaches Mathematics and English to children in the age group of 6-11 years. The company raised its first round in June 2019.
The edtech startup will use the fund for its next phase of growth, which will include curriculum development, product suite expansion, and hiring.
Udayy also recently launched a free app providing daily worksheets for children. The startup claimed that its business model has solved for high contribution margins and upwards of 97 percent retention.
Speaking on the development, Saumya Yadav, CEO of Udayy, in a statement, said,
“Primary grades are formative years of education for children. An outdated education system is failing Indian parents and children. Udayy is making learning fun and engaging for children by bringing ‘learning by doing’ methodology through games, role plays, and activities to our classrooms.”
Anirudh Singh, Managing Director of Alpha Wave Incubation, said,
“After-school education in the younger age group segment is an untapped market in India. Udayy is on track to disrupt the space through its experiential learning model, which uses technology-driven gamification as a key driver of learning outcomes.”
The edtech startup claims its USP lies in the flipped classroom methodology, where the student drives his or her own learning pedagogy, customised to the student’s individual capability. Also, Udayy believes it is catering to the untapped segment of the younger age group.
Alpha Wave Incubation last participated in the $5 million Series A funding round for Kyt, another Indian edtech startup.
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