Guvi, an EdTech startup that helps students learn coding in their native language, recently announced that it has raised INR 15 crore ($1.9 million) from Vama Sundari Investments.
According to the company’s regulatory filing, the board at Guvi has passed a special resolution to issue 1,878 equity shares at an issue price of Rs 79,906 per share to raise Rs 15 crore or $1.9 million from Vama Sundari Investments.
Vama Sundari Investments is a promoter of India’s third largest IT services company HCL Technologies, which recently rebranded itself as HCLTech.
With this fund, the Chennai-based startup plans to work for general corporate purposes and to meet capital expenditure,
Founded by SP Balamurugan, Arun Prakash, and Sri Devi in 2014, the IIT Madras and CIIE (IIM Ahmedabad) incubated company offers technical courses such as Web Development, AI module, SQL, and various other courses created by industry experts in vernacular languages. The platform trains people to build their skill profile in technologies and helps them land in their dream job.
GUVI aims to change the life of its learners by skilling them. It focuses on pedagogical tools which is least focused by the skilling industry and simplifies skilling for every learner through its platform, mentors and community. It is on a mission to make technical education available to all in their native languages.
The startup also offers a coding bootcamp, called Zen Class, a three months Intensive Project Based Learning program, where students learn and gain a skill with mentors from industry solving real-world problems.
In April 2020, GUVI had raised Rs 6 crore ($787,686 approx) in its Pre-Series A funding round from Education Catalyst Fund, an education-focused venture capital fund managed by CBA Capital. Prior to that, the company had raised INR 1 crore in its first institutional round of funding from the US-based Gray Matters Capital’s edLABS in 2019.