Edtech startup upsurge raises Rs 3 cr in Pre-Seed funding from JCBL India
- ByStartupStory | January 20, 2023
On Friday, Surgeup Technologies Pvt Ltd, which manages the gaming-focused edtech platform upsurge, said that it has received pre-seed funding from venture capital firm JCBL India in the amount of $370,000 (or roughly Rs 3 crore).
The New Delhi-based company intends to use the additional capital for regional and product development.
Upsurge, a company founded by Karan Baweja in 2021, promises to teach Gen Z financial literacy and life skills in a gamified environment. It asserts that kids may learn about money management, business, and other life skills through its own games, interactive game-based courses, and prizes.
“At upsurge, the mission is to inspire and empower the next generation with the knowledge and skills they need to succeed in an evolving economy,” said Baweja.
With educational institutions reopening as the pandemic’s impacts began to fade, the edtech sector has been suffering through one of its roughest periods. Along with this, layoffs at edtech companies have become commonplace as they struggle to raise money in the face of challenging market conditions. This funding cold for the whole startup ecosystem has been fueled by challenging macroeconomic conditions.
Last year, almost 8,000 workers in the edtech industry were impacted. Byju’s, Unacademy, and Vedantu are some of the biggest Indian edtech companies to have let go of staff members. Edtech unicorn Lead School is the most recent startup to issue pink slips to staff members. In its second wave of layoffs, the business has fired roughly 60 additional employees in less than 6 months.
Some edtech businesses have nonetheless been able to raise money despite the funding shortage, although for less money.
Learning management system startup Toddle announced earlier this week that it has raised $17 million in a Series A round of funding, led by Sequoia Capital India.
An angel investor from the infrastructure development sector led the $0.8 million initial round that year for the Virtual Reality (VR) edtech startup iXRLabs. In a similar vein, Uolo’s Series A investment round saw a $22.5 million raise. In its Series A round, B2B edtech startup AntWalk raised $7.5 million.
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