October 25

Edtech Firm Masai School Raises Nearly $5 Million in Funding Led by India Quotient and 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.

Photo courtesy of Hello Lightbulb.

Source: Startup Story (link opens in a new window)

Education, Technology