Digital education firm iProf Learning Solutions has raised USD nine million (Rs 55 crore) to propel its growth in India and expand into overseas markets like Middle East and Africa.
The second round of funding was led by dmgi, a subsidiary of British media -- DMGT (runs Daily Mail and Evening Standard) along with Norwest Venture Partner (NVP) and IDG Ventures India. Till date, it has raised USD 15 million.
IProf delivers educational content through online and offline media like pen drives and tablets.
"Since 2010, we have made significant inroads in the Indian education market touching about 2 million students. Our aim is to now reach 5 million students by March 2015 and these funds will help us expand our reach and library," iProf Founder and CEO Sanjay Purohit told reporters here.
He, however, declined to comment on revenue and shareholding details.
The company has partnered with tablet manufacturers like Lava, Pantel and Simmtronics to deliver content and is also working with schools to deliver content to their students.
IProf, which has a presence in Mauritius, is looking at tapping opportunities in markets like Indonesia as well as countries in Africa and Middle East.
"iProf has created a business model which works in India and neighboring markets. The combination of online and offline, with lessons/contents delivered on tablets and smart phones is gaining acceptance. We plan to expand our presence in Mauritius and explore markets like Indonesia, Africa and Middle East where we have appointed partners," he said.
According to estimates, school tutoring (private providers) is expected to grow from USD 5.5 billion in 2011 to USD 11.07 billion by end of this year.
Similarly, test preparation market for graduate and undergraduate courses is forecast to grow from USD 1.6 billion to USD 3.9 billion between 2011 and 2014.
