close
close

Edtech company ODA Class raises $500,000 from investors in Singapore and China | Business News

Edtech company ODA Class raises 0,000 from investors in Singapore and China | Business News

ODA class

The company raised $9 million in 2021, $3 million in 2022 and another $2,50,000 in 2023. Image: Facebook

Edtech company ODA Class on Thursday reported that it has raised $500,000 (around Rs 4 crore) in a fresh round of funding from investors in Singapore and China.

Skywalker Education Technology Co Ltd. (Singapore), Hong Kong-based Daituzi Education Technology Corporation Limited and Matrix Partners China invested in ODA Class in the Series B financing round.

“ODA Class announced the completion of its Series B funding round by securing $5,00,000. The company is backed by investors who believe in its mission, including Skywalker Education Technology Co. Ltd. (Singapore), Daituzi Education Technology Corporation Limited and Matrix Partners China,” ODA Class said in a statement.

With this new round of funding, the edtech company has raised $12.75 million (approximately Rs 106 crore) from investors.

The company raised $9 million in 2021, $3 million in 2022 and another $2,50,000 in 2023

“With the latest funding, we are well positioned to enhance our technological capabilities… Our focus on AI integration and digital marketing will help us achieve our goal of providing accessible and quality education to students across the country,” said Neeraj Kumar, head of finance at ODA Class.

The company reported a revenue increase of Rs 65.81 crore in fiscal year 2023-24, from Rs 26.9 crore in fiscal year 2021-22.

“Furthermore, the company remains committed to optimising its expenses, with expenses reported at Rs 79.20 crore in FY 2021-22, Rs 107.81 crore in FY 2022-23 and Rs 85.20 crore in FY 2023-24,” the statement said.

(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First publication: Aug 29, 2024 | 2:05 PM IST