Bengaluru-based edtech startup IMAX Program has raised $13.5 Mn (INR 87 Cr) funding from the Michael & Susan Dell Foundation and PE investment firm LGT Impact Ventures. The company’s existing investor Aspada also participated in the round.
As per reports, the newly-secured capital will be spent on product innovation and expansion of IMAX Program’s customer base through multiple distribution channels.
With the funding, IMAX is also looking to team up with school publishers globally.
Founded by Naveen Mandava along with Varun Kumar in 2009, IMAX is an edtech startup that is striving to revolutionise education delivery in the country. The company works with schools and other institutions, supporting them with learning materials and processes that are designed to create an interconnected system to drive learning.
Apart from providing teacher manuals and training modules, the startup offers textbooks, workbooks, school exams, feedback reports as well as personalised remedial worksheets that help make the learning process more efficient.
As stated by co-founder Varun Kumar, the platform’s exam-remediation system is created to ensure that the learning gaps of students are properly identified and addressed.
Catering to all grades from kindergarten to class 9, IMAX currently works with around 300K students across 800 schools in India. The edtech startup is aiming to reach up to 2 Mn students by 2020.
The startup plans to use the funding towards expanding reach and for product innovation. It currently caters to schools in Andhra Pradesh, Telangana, Karnataka, Maharashtra and Tamil Nadu. It is further looking to expand to Kerala, Haryana, Punjab and Uttar Pradesh. As claimed, 90% of schools are state board and are in tier II and tier III cities.