The Busy Brains
29 May 2023
uFaber, a leading edtech startup, secures $3.02 million in Series A funding from Mastermind JPIN Capital Partners and Gray Matters Capital. Learn how the investment will support uFaber's expansion plans, technology enhancement, and mentorship programs, and discover the comprehensive training offerings provided by the startup.
uFaber, a prominent edtech startup, has successfully raised $3.02 million (Rs 25 crore) in a Series A funding round, with notable contributions from Mastermind JPIN Capital Partners and Gray Matters Capital.
The freshly secured funds will play a crucial role in expanding uFaber's operations, including scaling up system capacity, enhancing technological infrastructure, and growing the team. The startup has ambitious plans to enroll over 1 lakh students and onboard more than 5000 trainers by the year 2024.
Commenting on investing in uFaber, Smita Sircar, President & CEO of Gray Matters Capital, said,
uFaber’s area of focus and associated business model are aligned with GMC’s mission of “Finding Purpose with 100 million women”. uFaber trains teacher’s majority of which are women, and gives them an opportunity to work from home in over 100 small towns to teach English via online mode to the youth at an affordable cost and superior efficacy. Spoken English will continue to be an important market for upward mobility of low-resourced communities as well as necessary if India has to provide the future workforce to the world.
Founded in 2015 by Rohit Jain and Anirudh Swarnkar, uFaber offers a wide range of training programs across multiple verticals. These programs cover English communication and soft skills, International English Language Testing System (IELTS), Test of English as a Foreign Language (TOEFL), Union Public Service Commission (UPSC), IBPS, and the individual-focused offering known as Real School.
uFaber's training approach revolves around interactive videos accessible through their web platform or app. These videos are complemented by a mentorship program where each candidate is assigned a dedicated mentor to assist with doubts, questions, and queries.
Prior to this Series A funding, uFaber had successfully raised Rs 2.5 crore from undisclosed angel investors. In 2021, the edtech firm launched a Rs 10 crore accelerator program to provide financial and operational support to early-stage startups in the edtech space.
Despite the challenges faced by edtech startups in raising funds, uFaber has managed to secure significant investment. In a similar vein, other startups such as Classplus and Surgeup Technologies Pvt Ltd have also successfully attracted funding to further develop their offerings.
As uFaber continues its growth trajectory with the support of this Series A funding, it solidifies its position as a leading player in the edtech industry, providing comprehensive training programs and mentorship opportunities for aspiring learners.