Mumbai, Jan. 05, 2021: Practically, a product of 3rdFlix Visual Effects Pvt Ltd, announced that it has raised $4 Million in a pre-Series B round. The round was led by Siana Capital, a deep tech investor, with participation from existing investors YourNest Venture Capital and Exfinity Ventures. The company had previously raised Series A funding of $5 Million in 2019. The funds will be invested in expanding the operations of Practically.
The Practically School Solution, a B2B2C offering, gives schools and its teachers access to the Practically teacher app FREE of cost. Teachers can access 3000+ videos and 1000+ Simulations/AR and features like virtual classes, test -prep, assessments, analytics, and assigning homework, etc. The app covers universal curriculum across Math and Science for 6th to 12th grades. Over 130 schools across India are already using Practically to enable online classes during the pandemic.
Speaking on the successful funding round, Mr. Subbarao Siddabattula, Founder & CEO, Practically said, “This pre-Series B funding showcases the extreme faith our investors have reposed on Practically. The tremendous response that we are seeing for Practically from schools, administration, faculty, parents and students validates our model. Our progress so far is in-line with our strategic growth plans and we are very well placed to tap the accelerated growth that the EdTech industry is witnessing today.”
Practically is an outcome of deep-rooted insights based on several man-years of study around children’s learning & retention modes leading to the innovative use of new-age tech tools such as AR to provide an immersive learning experience for children.
“The recent round of funding will be utilized strategically to expand the market for Practically beyond Telangana and Andhra Pradesh. Our expansion plan includes establishing a footprint pan-India in the next 12 months. We are also aiming to expand operations in the Middle East and set foot into the US market in the near future,” added Ms. Charu Noheria, Co-Founder & COO, Practically.
“We have seen a perfect blend of robust technical expertise, understanding of the industry, and a strong business acumen in the Practically team. To us, Practically is a very carefully crafted product that can create a niche for itself in the booming EdTech industry due to its focus on experiential learning.”, added Mr. Sunil Goyal MD, YourNest Venture Capital.
The Ministry of Human Resource Development has estimated that India’s EdTech expenditure would reach $10 trillion by 2030. The EdTech sector is seeing significant investments and expenditure by governments, schools, universities, students, and professionals globally. The increasing usage of online learning, propelled by the COVID-19 lockdown, comparatively lower operational costs than physical classes, high penetration of internet and smartphone, and 43% of the population falling between the age of 5 – 24 years, have proven to be significant growth drivers for the industry. The education market is expected to grow 2x to $225 billion by FY25 at 14 per cent CAGR over FY20-25 as per an IVC and PGA Labs report titled ‘The Great Un-Lockdown: Indian Edtech’.