Funding Alert

Masai School raises nearly $5 million in funding led India Quotient, On Mauritius


Pre-Series B2 funding for the edtech firm Masai School totaled Rs 38.62 crore ($4.77 million), which was co-led bycurrent investors, India Quotient and On Mauritius. The Bengaluru-based startup has waited a full year for new finance. 

According to a regulatory filing with the Registrar of Companies (RoC), the board at Masai School has approved a special resolution to issue 2,403 pre-Series B2 compulsory convertible preference shares (CCPS) at an issue price of Rs 1,60,707 per share to raise Rs 38.62 crore or $4.77 million. 

The investment round was co-led by India Quotient and On Mauritius, who each contributed Rs 15.81 crore ($1.95 million). Unitus Ventures contributed Rs 7 crore to the round as well.

The corporation has an estimated value of about Rs 400 crore, or $50 million (post-allotment). Masai has now secured more than $12 million in capital overall, including this round. It received an unknown sum from more than 20 angel investors in October 2021. 

Young talent is trained at Masai School, a higher education career institute, for some of the most in-demand positions. To prepare students for the workforce, it provides courses in full-stack web development, backend programming, and data analytics. 

Masai School

The business uses an Income Share Agreement (ISA) model to develop a learning strategy that is outcome-focused. Many businesses and unicorns hire via the Masai platform, including ShareChat, Swiggy, Ola, Meesho, CoinSwitch, Kuber, Cleartrip, NoBroker, and Paytm.

Co-founders Prateek Shukla, Nrupul Dev, and Yogesh Bhat collectively control 39.58% of the company’s shares as of the round’s issuance, followed by India Quotient with 21.63%. On Mauritius and Unitus Ventures each hold interests of 17.77% and 15.58%. 

Recently, Masai School asserted that throughout the previous 12 months, the number of B2B hiring partners increased by a factor of ten. According to the corporation, it is now aiming for a revenue of Rs 120 crore in FY23, up from Rs 19 crore in FY22.

The company’s operating revenue increased by 4.7X to Rs 2.47 crore in FY21 from Rs 53 lakh in FY20, however FY22 data have not yet been submitted. According to the company’s annual financial reports filed with the RoC, losses increased 3.5X to Rs 6.78 crore in FY21 from Rs 1.94 crore in FY20. 

One of the many Indian athletes who were influenced by the Lambda School in the US is Masai School. The same area is used by Newton School and Scaler by InterviewBit. Scaler, a company funded by Tiger Global, raised $55 million in its Series B round in February at a $710 million valuation. Soon after, a Series B round of $25 million was also won by Newton School.

 

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