Edtech platform Bhanzu said on Wednesday (September 21) that it has raised $15 million in a Series A funding round led by global investment firm Eight Roads Ventures. B Capital also invested in the round from its Ascent Fund.
The global math learning startup plans to use the new funding to expand its business globally across geographies, improve its technology infrastructure, increase staff and strengthen its curriculum with more engaging, outcome-focused content. With plans to expand across countries, Bhanzu aims to eradicate the global ‘math phobia’ among students and help them learn and love mathematics.
Founded in 2020 by Bhanu, Bhanzu claims to have a carefully designed curriculum that helps students become 4x faster and better at math. The curriculum is personally curated by Bhanu with over four years of data collection and research.
Neelakantha Bhanu, CEO of Bhanzu, said, “With this new development, we envision becoming the world’s largest and most impressive mathematics education institution in the next few years.”
Aditya Systla, Partner at Eight Roads Ventures, said, “We strongly believe in the potential of Indian education companies to address global education challenges over the next decade. Low math proficiency is a deep problem due to lack of qualified teachers, low engagement and math anxiety among students.”
Systla added, “We have been very impressed with Bhanzu’s proprietary pedagogy and curriculum, which leads to excellent learning outcomes, cognitive development and future readiness.”
Bhanzu raised $2 million in its seed round of funding in 2021, led by Lightspeed and several other angel investors. The funding was then used to expand its live virtual classrooms across the country and increase the recruitment of dedicated technology and product teams, the startup said in a statement.
Currently employing 400 people, Bhanzu is looking to recruit high-impact talent who are ready to take the business to the next level across various verticals.
The development comes at a time when the overall edtech ecosystem in India is reeling under the effects of a “funding winter” and a decline in users due to the reopening of schools and offline classes.
Edtech major BYJU’S saw its loss widen 19.8x to INR 4,588 crore in FY21 along with a decline in revenue. While a large number of edtech platforms – from Unacademy to Lido and Vedanta to WhiteHat Jr. acquired BYJU’S – has laid off staff in the past few months, edtech startups like Udayy and Superlearn have exited.
According to a report, the edtech slowdown has had a direct impact on the livelihoods of more than 3,000 people. Indian edtech startups raised $2 billion in the first half of 2022, a 41% drop from funding raised in the second half of 2021.