Edtech startup Learn Clue Edtech Pvt Ltd has raised angel funding from serial fintech entrepreneur Markus Ament (Maex), the company said in a statement.
The startup will use the funds for sales and marketing, product development and operations, the statement said. It did not disclose the financial details of the transaction.
Learn Clue was founded in 2020 by P.P.R Prasad and Satish Babu. The startup runs a skill development digital app focusing on the overall development of a student. It said that its offering, Digital Abacus, functions the same way as the 2000 years old ancient abacus instrument to compute techniques, thereby helping children unleashing their cognitive, lateral thinking and mathematical capabilities.
“Our products are designed with core values of developing high order thinking skills and problem-solving abilities essential to students at different stages of their life as part of our roadmap,” said cofounder Prasad and Babu.
Investor Maex, who is known to have floated fintech firms, noted that Learn Clue’s early products show a huge impact on kids.
“And knowing the vision and product ideas the team is working on is making me extremely bullish on Learn Clue and how we are impacting education globally,” he added. Maex co-founded operating system for the financial supply chain, Centrifuge. He previously founded Taulia and was founding member of Ebydos.
Lakhani Financial Services was the advisor to the deal.
The investment in Learn Clue shows sustained investor interest in the edtech space across stages as the segment has seen tailwinds from the pandemic.
India’s edtech sector is expected to grow at a CAGR (compound annual growth rate) of over 15% from $2.8 billion in 2020 to $30 billion in 2030, according to a BLinC Investment Management report, which also terms India as the world’s most active edtech market.