Edtech startup Creative Galileo has raised $7.5 million in its Series A funding round from Kalaari Capital, Affirma Capital, East Ventures, Valiant Employee Investment Fund and a host of other angel investors.
Creative Galileo will use the fresh capital to expand its business, accelerate hiring across teams working in different geographies, introduce regional languages and strengthen the platform’s R&D. The startup has so far raised $10 million, including the latest round of funding.
Founded in July 2020 by Prerna Jhunjhunwala and Nikhil Naik, the edtech startup-Creative Galileo does not follow old-school practices. It helps children learn at their own pace by offering a personalized learning experience.
The freemium mobile app uses popular fictional characters like Little Singham, Shaktimaan, Mighty Raju and Darwin among others to engage young children. These fictional characters replace conventional teachers and offer personalized learning experiences for young children.
The Mumbai-based ed-tech startup primarily uses fictional characters after striking an exclusive partnership with animation studios. This also eliminates any type of competition.
It claims to have more than 7.5 million app downloads to date and aims to have a user base of 20 million in the next 12 months. It currently offers content in Hindi and English and will soon expand its offerings to Tamil, Telugu and Marathi.
Prerna Jhunjhunwala, Co-founder of Creative Galileo, said, “When I realized that a large proportion of people entering adulthood today cannot read, I found it my mission and decided to offer basic education to every child and give them the right to education.”
She further said, “We offer a spectrum of learning including STEM, social and emotional learning, cognitive development, thinking and reasoning, and problem-solving skills that are then gamified and personalized for children.”
“So any child who wants to learn through fictional characters must come to our platform. Since we have exclusivity for all the characters, we don’t face any competition at all,” added Jhunjhunwala.
The edtech startup plans to expand its portfolio of fictional characters by introducing international characters on the platform. In addition, it is also looking to enter the Southeast Asian market.
It claims 15% month-on-month (MoM) growth since inception, along with a 6% increase in customer engagement.
The COVID-19 pandemic has boosted the edtech sector as educational institutions have been closed during the lockdown. However, the global economic slowdown and the drop in demand due to the reopening of educational institutions have led to many startups in the sector shutting down and laying off staff.
However, Jhunjhunwala is not fazed by this, she said “I believe there are macroeconomic cycles. The industry is coming off a 14-year bull run. As a result, apart from the edtech sector, many other sectors are equally affected.”
The edtech industry is here to stay and companies that have the right product market will be able to successfully emerge from the current crisis, Jhunjhunwala added.
Estimated at $2.8 billion in 2020, India’s edtech market is expected to expand to $10 billion by 2025, growing at a CAGR of 39% during 2020-25.