An education sector based start up, EduAce Services has raised fund of $1 million with the help of Foxconn-backed MoMagic. A mobile internet based company which provides app ecosystem used in all leading smart phone platforms.
EduAce was established in 2012 by Gaurav Yadav with its headquarters in Lucknow, U.P. Unlike its many competitors, it focuses on quizzing pattern where student gain information and learn in better manner. It subsequently builds competitive approach among the students developing a skill very much necessary for global standards. The quizzing format is named as School Quiz League – Pratibha Ki Khoj’.
According to Gaurav Yadav, CEO, EduAce, “We want to change and bring in quizzing as an active form of learning.” General Knowledge being the first step of acquiring outside information in knowledge base is just till Middle Section of Schools which is up to Std. 8 (VIII). The respective company wants to bring in interest in current affairs and gain knowledge on basis of it.
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The sole motto to raise fund is to expand operations so that it is helpful in adding more educational programmes. Till date, the educational firm has targeted 3 states and 25 cities which includes more than 2,500 schools and educational institutions. The states involve Uttar Pradesh, Madhya Pradesh and Delhi – NCR. EduAce has managed to generate almost 7 to 8 crores INR of capital from various Financial market and other venture capitalists. Moreover, it aims to include 10 states and 50 cities introducing noel educational platform in approximately 5,000 schools.
When asked on having idea of fund raising then it pointed out towards Rishnik who helped in and out. Also, firms like Fidelity, SAIF and Helion have earlier invested in on-line educational platform TOPPR, which helps the students regarding test preparations in various fields. Other VC firms such as Accel and Tiger Global helped with fund amounting 5 millions USD for on-line test preparations area, Vedantu.
Thus, EduAce, a quizzing based firm is planning to make it big and is trying to chase more millions of currency to increase its outreach and educate Indian children through changing the educational system of the country.