Hyderabad-based edutech firm Practically on Tuesday announced to have raised around Rs 28 crore in pre-Series B funding round led by Siana Capital. Existing investors YourNest Venture Capital and Exfinity Ventures also participated in the funding round, the company said.
Practically co-founder and Chief Operating Officer Charu Noheria said revenue generation for its platform has begun in Andhra Pradesh and Telangana markets, which is in the run rate of Rs 21 crore-Rs 28 crore per annum from these markets. ”With the latest round of funding, we expect to take the rest of the southern states, Maharashtra and Delhi-NCR by storm by the mid of this year, and the rest of the country by the end of 2021. We are also aiming to expand operations in the Middle East and set foot into the US market in the near future,” Noheria said in a statement.
Practically launched its learning app service amid the lockdown in April 2020. The firm now claims to have over 3 lakh users of students app. It also has an app for teachers.
”We launched Practically in West Asia as well and started onboarding some large and prestigious school brands like GEMS Education. ”Although the near-term plan is to expand into other English-speaking countries, we are also exploring with partners in countries where there is a need for content in other languages,” Noheria said.
The firm expects funding to strengthen its market position in Andhra Pradesh and Telangana and gear up for a pan-India presence. Practically has now raised Rs 63 crore, which includes Rs 45 crore raised in Series-A round in 2019.
The app is providing free access of over 3,000 videos and more than 1,000 augmented reality-based simulations, assessments and analytics, according to the statement. ”Our progress so far is in line with our strategic growth plans and we are well placed to tap the accelerated growth that the edutech (education technology) industry is witnessing today,” Practically founder and CEO Subbarao Siddabattula said.