Edtech start-up SP Robotics, focused on teaching robotics and coding courses to students from 7 and above years of age, is likely to raise $20-25 million Series B funding soon, the company’s co-founder Pranavan S told Business Today in an exclusive interaction. The company has raised a cumulative capital of $4 million till now with the last $3 million Series A fund raise in September 2021 which was led by Mount Judi India Growth Fund.
Pranavan said that the edtech firm is in talks with various investors for a $20-25 million Series B fund raise which is expected to close by next quarter. Besides, the Chennai-headquartered start-up is planning to set up 750 makers labs in next 2-3 years across the country, in order to lay a solid base for an omni-channel educational business.
The company’s co-founder said that through the expansion of brick-and-mortar learning centres like makers labs, SP Robotics is aiming to solve for accessibility and even learning problems amongst the users. The idea is to set up a franchise business model across metros and Tier 1 towns in the beginning phase, which, as per Pranavan, have widely adopted the robotics and coding learnings.
One of the key differentiators, according to Pranavan, is the user engagement and retention metrics for any edtech platform in an aggressively competitive space. “We have 87 per cent user retention and 98 per cent of the students who opted for the course completed it," he added.
When it comes to the pricing models, SP Robotics, on an average, offers a kit course for Rs 10,000-Rs 12,000, but the costs get nearly halved if the student takes the course from one of the maker labs.
“There is really cost efficiency for the students as well as us when it comes to the maker labs. We opt for a no teacher model and we are also targeting the students who do not have accessibility to laptop and the Internet. That percentage of the population is still huge,” Pranavan said.
“So, if you enter any of our typical centers, you find 10 to 15 computers over there along with our hardware kits, so you can subscribe and start learning. So, we provide the infrastructure for the learning,” he added.
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