KYT, an edtech startup headquartered in India and Singapore, has raised US$2.5 million led by Sequoia India's scale-up programme Surge, the startup announced on Monday.
Other investors in the round include Titan Capital and several angel investors, namely: Allen Penn, the former global head of operations at Uber Eats; Amrish Rau, co-founder and chief executive of Indian unicorn Pine Labs; Jitendra Gupta founder of Indian fintech firms Jupiter Money and Citrus Pay; Kunal Shah, founder of payments firm Freecharge; and Martin Li, a partner at family office ZF Holdings.
According to data platform VentureCap Insights, Surge had invested about US$2 million for a 23.7 per cent stake into Kyt's Singapore-incorporated entity in October 2019, giving the company a post-money valuation of US$8.4 million at that point.
Kyt was founded less than a year ago by husband and wife duo Tripti Ahuja and Bhavik Rathod, who was previously a founding executive at Uber India and the head of Uber Eats in India and South Asia.
The startup provides online-only, live lessons to children aged five to 15 years old, in extracurricular activities such as chess, music and creative writing. To date, Kyt says that over 1,000 students have taken a course or attended workshops on its platform. It currently has more than 20 teachers on board, with plans to increase this to 500 over the next year.
"The future of education is a hybrid of online and offline learning, and the market size for primary and secondary extracurricular learning is estimated to be US$10 billion in India alone, and around US$200 billion globally," said Mr Rathod.
"While most learning has previously happened in physical spaces, there will be rapid adoption of online learning even beyond Covid-19, as these well-structured curriculums will build strong global communities, encouraging children to remain engaged over time."
Kyt is part of the fourth cohort of Surge, Sequoia's biannual scale-up programme for startups across South-east Asia and India. The programme provides startups US$1 million to US$2 million in seed capital, as well as company-building workshops and mentor support.