Lucknow based startup bags $1 mn funding from MoMagic

Lucknow based startup bags $1 mn funding from MoMagic
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Story Dated : May 6, 2016

Lucknow: The city-based education startup EduAce Services on Friday said it has raised USD 1 million (about Rs 6.6 crore) in seed funding from Foxconn-backed MoMagic.

Founded in 2012, EduAce Services uses the quizzing format of education and has ‘School Quiz League – Pratibha Ki Khoj’ as a flagship program.

“We have a unique format. General knowledge is a part of the curriculum till class 8th and after that it is left to the student to pursue, even though current affairs is a major segment in many competitive exams. This is what we want to change and bring in quizzing as an active form of learning,” EduAce Services founder and CEO Gaurava Yadav said.

He added that the company will use the funds to add more learning programs and expand its operations in the country.

“Right now, we have a presence in 3 states and 25 cities, touching about 2,500 schools. The aim is to take this to 10 states, 35 cities and 5,000 schools in the next one year,” he said.

Yadav added that the company will focus on tier II and III more as quizzing opportunities are often few in these places.

“In terms of revenue, in the first year, we aim to get about Rs 7.5 crore,” he said.

EduAce currently has operations in Uttar Pradesh, Madhya Pradesh and Delhi-NCR.

“This association will greatly benefit the overall school learning in India at large, enabling the future generation of India to be future ready,” MoMagic founder and CEO Arun Gupta said. Rishnik was the fund raising advisor to both companies.