Leo Capital India has invested $2 million in Edureka, a start-up that offers e-learning courses. The $2 million received from Leo Capital is part of Edureka’s initial round of funding. The firm seeks to use the funds to bring in a senior authority on board and meet the set targets for business growth. Until recently, the firm was using its initial investment of Rs.1.5 crore, injected by the founders at the time of the company’s inception, to run the company.
Edureka plans to use the funds to increase its revenue over the next three years. The firm aims to multiply its revenue by six times that of the present, by enhancing its primary products, upgrading the customer experience, and enhancing the team. Edureka has brought in Rajul Garg as well, the founder of Leo Capital, to join the firm’s board managed by Brain4ce Education Solutions Private Limited.
Edureka, founded in 2011, is a leading global online platform that offers various technology-oriented courses such as cloud computing, blockchain, Big Data, artificial intelligence, etc. The firm has a large employee and student base comprising approximately 7 lakh individuals. The firm generated a total revenue of Rs.18 crore during its initial three years of operation. Udemy, Simplilearn, Udacity, etc. are a few of the competitors of Edureka.