uFaber, an educational technology platform that specializes in providing hyper-personalized teaching at affordable prices for a variety of subjects, has secured $3.02 million (INR 25 crore) in its Series A round led by Mastermind JPIN Capital Partners and Gray Matters Capital. The startup aims to maintain its upward development trajectory and fortify its position in the fiercely contested EdTech market.
With uFaber striving to broaden its reach and offerings, the funding will advance its expansion ambitions, including increased system capacity, improved technology, and a larger team. The online education frontrunners have concrete goals to enrol over 1 lakh students with over 5000 trainers onboarded by 2024.
Co-founded by Rohit Jain and Anirudh Swarnkar in 2015, uFaber offers training programs to its students across verticals on English communication and soft skills, international English language testing system (IELTS), union public service commission (UPSC) along with its individual-focused offering real school. The platform conducts its training through interactive videos accessible via the web or an app. These videos are complemented by its mentorship program, where each candidate is assigned a mentor who assists the candidates with doubts, questions, and queries. The content for every program is created in-house by industry experts.
Speaking about the capital raised, Co-founder of uFaber, Rohit Jain, said:
The funds from the investment will be used to drive growth and enhance the training experience at uFaber. The company’s mission has always been to make personalized training accessible and scalable, which allows women to balance career and family life. By investing in the product and the team, uFaber aims to continue advancing this mission and positively impact the lives of its students.
According to Jain, the company is thrilled to have Mastermind JPIN Capital Partners and Gray Matters Capital as partners in realizing their vision for the future. He expressed confidence that this collaboration will yield significant results in the coming months. Jain also emphasized that uFaber is working towards a more ambitious and innovative model that will continue transforming online learning in India.
Smita Sircar, President & CEO of Gray Matters Capital, added:
uFaber’s area of focus and associated business model is aligned with GMC’s mission of “Finding Purpose with 100 million women”. uFaber trains teachers, most of whom are women, allowing them to work from home in over 100 small towns to teach English online to the youth at an affordable cost and superior efficacy. Spoken English will continue to be an essential market for the upward mobility of low-resourced communities and is necessary if India has to provide a future workforce to the world.
In 2021, the firm launched an accelerator program of Rs 10 crore for early-stage startups in the EdTech space to extend financial and operational support to the selected startups.
CA Manish Ladage, Founder of Mastermind JPIN Capital Partners, an SME-focused growth fund, commented:
UFaber is a uniquely positioned EdTech Company with a niche in online English test preparation and English-speaking Courses, along with a strong proposition of one-to-one training by significant number of onboarded trainers. We are excited to be part of UFaber’s multifold growth story.
uFaber had previously raised Rs 2.5 crore from undisclosed angel investors.