Bangalore based Ed-tech startup Kreedo raises pre-Series A funding of $2.3mn from various VCs for its expansion and revolutionary idea
Investee Startup/Company: Kreedo (registered as Kreedo Early Childhoold Solutions Pvt Ltd)
Funding: $2.3 Million (~₹19 Crores)
Round of Funding: Pre-Series A
Investors Participated: The funding round was led by Switzerland-based UBS Optimus Foundation, Spectrum Impact, Gray Matters Capital, and 1Crowd, with participation from Innospark Ventures, IIM-CAN and The Chennai Angels.
Valuation: Undisclosed
About Kreedo: Founded in 2012 by IIM-Calcutta couple, Mridula Shridhar and VK Manikandan, Kreedo helps in opening its own school in own brand name with or without franchise or royalty model. To an existing school or a new entrant, Company assists right from choosing the name of school, marketing support in terms of design, branding, pamphlets brochure to the core components of running a preschool that includes a comprehensive curriculum, educational materials, teacher training including software for training and a complete assessment solution to ensure that the curriculum objectives are met.
Over time, Kreedo has shown amazing development and influence, revolutionising how schools approach and offer early learning, and has become a major force in the field of affordable early education. In 2018, company started making an impact in the K12 space by associating with 20 low budget schools, in and around Bangalore. Currently, they have 450 preschools across the country following their curriculum in a short span of 3 years. So far kreedo has 2,00,000+ children by implementing its curriculum in 400+ budget private schools and 1500+ preschools and based on an independent study conducted by FSG budget private schools have 50% better learning than the market results have been measured.
Business model and process: On finalising the type of School a client wants to start with Kreedo signs a Memorandum of Understanding (MoU) outlining all the services to be provided. Post this, their teamwill creates a detailed project plan with all the services that are required to set up the preschool and their experienced teams will interact with school to take care of the marketing support, design support, academic training and support and dispatch of materials.
From Founder's Desk: Mridula Shridhar, CEO of Kreedo, said, “Our vision is to democratise quality early education. We have an overwhelming response from our partner schools who are looking for the most affordable and simplest way to improve foundational learning. The new round of funding will enable us to take Kreedo to 7000+ schools across multiple cities in India
Investor’s views:
“Dhun Davar, Head of Social Finance, UBS Optimus Foundation, said “We see Kreedo’s business model as a unique way to create social change by making quality early education accessible to every child from lower income communities.”
“Girichandra, Partner at 1Crowd, said, “In Manikandan and Mridula, we found a team that is passionate about their cause and extremely clear on how to mitigate learning poverty in budget schools”.
“Pranay Adhvaryu, Head of Investments, Gray Matters Capital adds, “The pandemic has adversely impacted the already distressed early education sector, and now Kreedo is seeing tremendous traction as they address a massive learning gap which schools need help to fill.”
“Mirik Gogri of Spectrum Impact said, “We are excited to be a part of their growth story and support their vision of impacting 1 Million+ children annually in India, especially from lower income families, by 2025.”
Purpose of Funding
- Expansion to about 7000+ schools across multiple cities in India
- Building a stronger team
- Increasing geographical presence in more than 300 cities in India.
- Impacting more than a million children in India each year, particularly those from lower-income families, by 2025
Through this funding, Kreedo looks to expand its presence and revolutionize the early education system of India and thereby compete with its rivals like Byju's, Meritnation, Vedantu, Unacademy, Eruditus, etc.
We see this as a revolutionary since the focus is not to grab students but upgrade school and education system through existing infrastructure of the country.
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