By Prashant K. Nanda
Digital education start-up plans to improve its offerings in assessment and monitoring of schools with the fund
The $9 million investment in iProf was made by venture investors Daily Mail Group Information on behalf of education subsidiary Hobsons; Norwest Venture Partner (NVP) and IDG Ventures India. Photo: Mint
New Delhi: Digital education start-up iProf Learning Solution on Thursday raised $9 million (about Rs.55 crore) in its second round of fund-raising to improve its offerings in assessment and monitoring of schools.
The investment was made by venture investors Daily Mail Group Information on behalf of its education subsidiary, Hobsons; Norwest Venture Partner (NVP) and IDG Ventures India. Norwest and IDG invested $5 million in iProf in its first round of fund-raising three years ago. With this new funding, iProf has raised $15 million so far.
iProf, founded by Sanjay Purohit, provides e-learning content both in India and abroad and has a focus on delivering digital education via tablets. “Our platform is being used by tablet manufacturers including Lava, Pantel and Simmtronics and also the country’s telecom operators like Vodafone and MTS. This new funding will help us in further consolidating our leadership and serve thousands of schools by our new product SchoolEra,” said Purohit, an alumnus of the Indian Institute of Technology, Mumbai and the Indian Institute of Management, Ahmedabad.
Stephen Stout, chief executive of Daily Mail Group Information, Asia Pacific, said in a statement that the investment in iProf represents a “decisive step for them and the beginning of an increase in investment activity by DMG Information in India”.
Mohan Kumar, executive director, NVP India, said: “iProf has created a business model which works for Ed Tech (education technology) companies in India and neighbouring markets. The combination of online and off-line, with lessons/contents delivered on tablets and smart phones is gaining acceptance. The company has successfully delivered tablet based education content in India and also to more than 25,000 students in Mauritius.”