Practically Raises $4 Million led by Siana Capital
· The funding will strengthen its market position in Andhra Pradesh and Telangana and gear up for pan-India presence
Practically, a product
of 3rdFlix Visual Effects Pvt Ltd,
announced that it has raised $4 Million in a pre-Series B round. The
round was led by Siana Capital, a deep tech investor, with participation from
existing investors YourNest Venture Capital and Exfinity Ventures. The company
had previously raised Series A funding of $5 Million in 2019. The funds will be
invested in expanding the operations of Practically.
Practically is an
intelligent, interactive and immersive learning app for students of classes
6-12 with a focus on STEM learning. It is the only experiential learning app
that brings learning alive through immersive videos, interactive augmented
reality and 3D simulations. It offers an edge over other learning apps by
enhancing conceptual understanding and improving retention of concepts with
features like life-like video content, hands-on learning, experiential
learning, 24x7 seek help with access to subject experts for doubt resolution,
live classes, Proton - the AI assistant and study buddy and Coding++. 3,00,000+
students have already benefited from the engaging content on Practically.
The Practically School Solution, a B2B2C offering, gives
schools and its teachers access to the Practically teacher app FREE of cost.
Teachers can access 3000+ videos and 1000+ Simulations/AR and features like
virtual classes, test -prep, assessments, analytics, and assigning
homework, etc. The app covers universal curriculum across Math and Science for
6th to 12th grades. Over 130 schools across India are already using
Practically to enable online classes during the pandemic.
Speaking on the successful
funding round, Mr. Subbarao
Siddabattula, Founder & CEO, Practically said, “This
pre-Series B funding showcases the extreme faith our investors have reposed on
Practically. The tremendous response that we are seeing for Practically from
schools, administration, faculty, parents and students validates our model. Our
progress so far is in-line with our strategic growth plans and we are very well
placed to tap the accelerated growth that the EdTech industry is witnessing
today.”
Practically is an outcome
of deep-rooted insights based on several man-years of study around children’s
learning & retention modes leading to the innovative use of new-age tech
tools such as AR to provide an immersive learning experience for children.
“The recent round of funding will be utilized
strategically to expand the market for Practically beyond Telangana and Andhra
Pradesh. Our expansion plan includes establishing a footprint pan-India in the
next 12 months. We are also aiming to expand operations in the Middle East and
set foot into the US market in the near future,” added Ms.
Charu Noheria, Co-Founder & COO, Practically.
“We have seen a perfect
blend of robust technical expertise, understanding of the industry, and a
strong business acumen in the Practically team. To us, Practically is a very
carefully crafted product that can create a niche for itself in the booming
EdTech industry due to its focus on experiential learning.”, added Mr. Sunil
Goyal MD, YourNest Venture Capital.
The
Ministry of Human Resource Development has estimated that India’s EdTech
expenditure would reach $10 trillion by 2030. The EdTech sector is seeing
significant investments and expenditure by governments, schools, universities,
students, and professionals globally. The increasing usage of online learning,
propelled by the COVID-19 lockdown, comparatively lower operational costs than
physical classes, high penetration of internet and smartphone, and 43% of the
population falling between the age of 5 – 24 years, have proven to be
significant growth drivers for the industry. The education market is expected to grow 2x to $225
billion by FY25 at 14 per cent CAGR over FY20-25 as per an IVC and PGA Labs
report titled ‘The Great Un-Lockdown: Indian Edtech’.
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