The India Based Business-to-Consumer (B2C) educational technology company Uolo Technologies Pvt. Ltd. secured a sum of 22.5 Million US dollars in a series A funding round on Friday, 8th December 2022. The funding round was led by the Winter Capital, a progress phase investing company based in United Arab Emirates (UAE).
The growth has been seen after two years, where the Edtech Company had bagged 3 million US dollars from the pre-series A funding round which was led by the Venture Capital Company Blume Ventures and Omidyar Network India in the month of November of the year 2020.
The Series A Funding round witnessed participation of company’s current investor the Venture Capital firm Blume venture and United Arab Emirates based firm Morphosis Venture Capital.
Concerning the investment made for the Uolo, the Managing Director of the Venture capital firm Winter Capital Anton Farlenkov stated in its statement that the first wave of the technology based educational companies have been successful in ratifying the fact that the consumers show liking towards online mode of studies but they failed to contain a cost-efficient distribution.
The Managing Director of Winter Capital also added in his statement that they still hope that the latest and upcoming tech based educational companies will enable the cost of the study at 10 US dollars which is equal to 798.6 INR for each year to the students rather than paying Rs. 798.6 for each hour.
The Winter Capital Company aims to invest in the firms which are growing with the help of technology, such as the Fintech, Healthcare, client service companies and edtech companies. The Dubai based VC firm has backed several other companies based in India like the modern healthcare company Pristyn Care, investment company Goat brands labs and the edtech companies Udemy and College Dekho.
About the company Uolo
The Business-to-Consumer (B2C) technology driven educational company was established in the year 2013 by the Co-founders Ankur Pandey, Pallav Pandey and Siddharth P. Singh in Bengaluru. The company offers Spoken English courses and Coding and the company also claims that these courses are in line with the curriculum in the schools which have partnered with the Company.
The Uolo technologies Pvt. Ltd. Declared that it has joined hands with over 8500 schools throughout the country and provides its services to around 3.7 million students. The company also wishes to add more courses from the Science, Technology, Engineering, Arts and Mathematics.
Photo Credit- The Economic Times
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