Ufaber to raise $5 million from VCs, strategic investors

Mumbai-based edutech startup, Ufaber, is planning to raise about $5 million from venture capital funds and strategic investors in exchange for a 10-15 per cent stake. The company intends to raise the funds, which will be used for its expansion plans, by March 2020.

“The funding will be used for our expansion plans that include hiring additional trainers, upgrading technology and raising the capacity of the systems, among others. We have about 5,000 active students at any point of time, which we would like to increase to 50,000 in the next two years,” Rohit Jain co-founder at Ufaber, said.

The company had raised seed funding of Rs 3 crore from friends and family between 2013 to 2015. It has already enrolled more than 10 lakh registered learners, over 30,000 paid customers and 1,200 trainers. It posted Rs 20 crore revenues in FY19.