A co-curricular futuristic learning platform Homi Lab has raised Rs 5 crore in a pre-Series A round by Inflection Point Ventures.
The funds raised will be utilized for development of the cutting-edge technology platform and high-quality unique content creation, the firm said in a press statement.
The organization aims to continue ongoing research on futuristic skills, development cycle involving stakeholders and enabling the backbone which will create top notch content for the young learners, it said in a press statement.
Homi Lab is founded by Srijan Pal Singh, renowned children’s author and former advisor to the 11th President of India, Dr. A.P.J. Abdul Kalam.
Srijan Pal Singh, Founder, Homi Lab says, “Homi Lab is on a continued journey to build a brighter future for humankind by transforming the learning space with our model of training. IPV not only provides us the necessary fuel in our journey in terms of capital, but also in terms of ideas, partnerships and people.”
According to a report by RBSA Advisor, growth in the Indian edtech sector will be backed by growing demand as well as strengthening business models, aided by facilitative governmental policy. The New Education Policy, 2020, has also provided policy impetus to the Edtech sector by recognizing the role of technology in education.
Moreover, income inelasticity of education in India is estimated at 0.93 vis-à-vis other expenditure, implying that at any income level, Indians are more inclined to spend on their education.
Ankur Mittal, Co-Founder, Inflection Point Ventures says, “This futuristic platform will help India to nurture young learners right from a nascent age and mold them to be explorers in the field of science and beyond. At the same time the product and content will have creators from all over the world and hence will be relevant to a large global audience. IPV looks forward to extending their support and helping them build and deliver quality content through technology."
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