EduKart raises Rs 6.4 cr from cricketer Yuvraj Singh's YouWeCan Ventures

Education marketplace EduKart on Tuesday said that it has raised $1 million (Rs 6.4 crore) from Holostik Group's United Finsec, cricketer Yuvraj Singh's YouWeCan Ventures and early stage fund 500 Startups.

"Existing investors, including Paytm founder Vijay Shekhar Sharma, former director of Providence Equity Partners Manish Kheterpal, and Stanford Business School's alumni angels also participated", the company said in a statement.

"The incoming funds will be utilised for further upgrading the marketplace platform, increasing course portfolio and strengthening marketing efforts", Ishan Gupta, chief executive officer of EduKart.com, said.

Industry estimates peg the total education sector of India at more than $60 billion.

Around 50 per cent of this is in higher education sector, 40 per cent in K12 sector and 10 per cent in coaching, skilling and other non-formal areas.

The course providers listed on EduKart.com include established course providers across higher education, K12 and coaching.

Some of the institutes include Vidyamandir, Toppr, Brilliant Tutorials, Indian School of Business, Narsee Monjee Institute of Management Studies, Bharati Vidyapeeth University, School Guru, and Digital Vidya among others.

The investment by YouWeCan Ventures in Edukart comes three days after the cricketer's company invested in another start-up Moovo, a Delhi-based on-demand logistics booking platform.

The online platform offers ondemand booking services for mini-trucks via a mobile app, a website and call-centers.

Yuvraj had described Moovo as a promising start-up by a passionate team and said that he wanted to support truck drivers and help them improve their lives by increasing their income.