E-learning Start-up Carveniche Secures Funding From Mumbai Angels

Bangalore-based education technology start-up Carveniche has secured an angel funding of around Rs 1 crore ($0.2 million) from Mumbai Angels.

Founded in 2010 by former Infosys engineers Avneet Makkar and Saraswathy A, Carveniche is an education technology venture which provides content-based products and services to schools and leverages the Cloud technology for delivery. Currently, it has around 1,100 hours of content for classes VI-X, with a presence in around 11 schools.

"The funding will be primarily used for expanding the sales team as we are looking to enter the North Indian market soon. In addition, we will utilise it for R&D, product expansion, etc.," said Avneet, co-founder and president (business strategy & operations) of Carveniche. Currently, the firm has a 32-member team.

According to Avneet, the firm would like to explore the Delhi-NCR market immediately and then move to Kolkata and the north-east. "The response has been very good so far and we might raise the next round (series A) of funding sometime next year when the new session starts," she told Techcircle.in.

"With educational reforms on the way and increasing awareness, the educational sector is a growing market and a lot can be done here. Therefore, companies offering content will be in demand in the near future. Carveniche is one such company which can leverage this growing sector's needs," said Anil Joshi of Mumbai Angels. Mumbai Angels has recently initiated a Bangalore chapter and this funding is one of the first initiatives under it. "Bangalore is contributing a lot to the start-up ecosystem and a hub of investors in the city was really needed at this time. We have some ongoing negotiations in Bangalore which are in the final stage and those will be announced as soon as the deals are finalised," said Joshi.

In January this year, the Mumbai Angels announced another funding in the same sector where it invested around $1 million in Bangalore-based eDreams Edusoft.