Co-curricular futuristic learning platform Homi Lab has raised Rs 5 crore in a pre-Series A round by Inflection Point Ventures.
The funds raised will be utilised for the development of a cutting-edge technology platform and high-quality unique content, the startup said in a release on June 1.
The organisation aims to continue research on futuristic skills, development cycle involving stakeholders and enabling the backbone which will create top-notch content for the young learners, it said.
“Homi Lab is on a continued journey to build a brighter future for humankind by transforming the learning space with our model of training. IPV not only provides us the necessary fuel in our journey in terms of capital, but also in terms of ideas, partnerships and people,” founder Srijan Pal Singh said.
Singh, a renowned children’s author, was an adviser to India’s 11th president APJ Abdul Kalam.
Inflection Point co-founder Ankur Mittal said exposing young minds to futuristic learning programmes through technology to enrich their understanding of non-academic but deeply insightful subjects like space, time travel etc., enabling them to charter an unexplored territory was a commendable initiative by Homi Lab.
“This futuristic platform will help India to nurture young learners right from a nascent age and mould them to be explorers in the field of science and beyond. At the same time, the product and content will have creators from all over the world and hence will be relevant to a large global audience,” he said.
According to a report by RBSA Advisor, growth in the Indian edtech sector will be backed by growing demand as well as strengthening business models, aided by facilitative governmental policy.
The New Education Policy (NEP), 2020, has also provided policy impetus to the sector by recognising the role of technology in education. Moreover, income inelasticity of education in India is estimated at 0.93 vis-à-vis other expenditure, implying that at any income level, Indians are more inclined to spend on their education.