Edtech startup Udayy is in advanced talks to close an investment round from new and existing investors. A year ago, the Gurugram-based startup received a $2.5 million seed round.
“Norwest Venture Partners is leading a $10 million round in Udayy while existing backers are likely to participate,” said one of the sources. The person requested anonymity adding that the deal will be completed in a few weeks.
Falcon Edge’s Alpha Wave, Info Edge, Better Capital, and CRED founder Kunal Shah are among Udayy’s current investors.
Udayy, a two-year-old live learning platform for kids in kindergarten through eighth grade, allows them to practise and develop their mathematical and analytical thinking. Udayy, which was founded by Saumya Yadav, Mahak Garg, and Karan Varshney, focuses on English and higher-order thinking skills in addition to Math.
“The deal will value Udayy anywhere between $35-45 million,” said the second source. “The company will use the process for expansion and product development.”
Udayy and Norwest did not respond to queries sent to them right away. If they respond, we’ll update the post.
According to the company’s website, it has held over 1,30,000 classes, employs over 200 qualified teachers, and serves 50,000 children. Hello English, OckyPocky, Kutuki, and PlanetSpark are examples of notable platforms that cater to children’s learning.
Norwest Venture Partners, which recently closed a $3 billion fund, claims to have invested in over 600 startups since its inception. Apart from late-stage venture and growth equity investments, the company has started focusing on early to mid-stage investments in India, according to the company. Swiggy, OfBusiness, Mensa Brands, Xpressbees, Pepperfry, Quikr, and Thyrocare are among the fund’s Indian investments.
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