Noida-based edtech startup ConveGenius has announced a significant milestone in its growth trajectory, having raised an additional $1.8 million in its ongoing Series A funding round. The investment, led by Searce Inc., marks a pivotal moment for the company as it expands its financial backing and solidifies a strategic partnership with a key industry player.
Founded in 2013 by Jairaj Bhattacharya and Shashank Pandey, ConveGenius has been at the forefront of driving sustainable educational impact within the K-12 segment across India. The latest injection of capital, combined with the collaborative efforts with Searce Inc., positions the company for accelerated growth and innovation in the burgeoning edtech landscape.
With an initial $7 million raised in January, co-led by UBS Optimus Foundation and Mount Judi Ventures, ConveGenius has demonstrated its ability to attract significant investment interest. The infusion of the additional $1.8 million underscores investor confidence in the company’s vision and execution strategy.
In a statement released to the press, ConveGenius outlined its plans for utilizing the newfound capital to bolster its IP-led consulting services targeting the public sector and educational segments across key global markets. The company’s expansion ambitions extend to regions including the US, Europe, APAC, Middle East, and its home base of India.
The strategic partnership with Searce Inc. is poised to further enhance ConveGenius’s technological capabilities, particularly in the realms of cloud services and generative AI development. Leveraging the synergies between the two entities, ConveGenius aims to accelerate its impact and reach, ultimately empowering millions more students with quality educational resources and opportunities.
Commenting on the development, Jairaj Bhattacharya, Co-founder of ConveGenius, expressed enthusiasm about the company’s growth trajectory and the strategic alignment with Searce Inc. He emphasized the shared vision of leveraging technology to democratize access to education and drive meaningful societal impact.
ConveGenius’s financial performance has also seen notable improvements, with operational revenues reaching Rs 23.93 crore in the fiscal year ending March 2023, up from Rs 20.72 crore in the previous year. Moreover, the company reported a profit of Rs 1.53 crore in FY23, a stark contrast to the Rs 3.88 crore loss incurred in the preceding fiscal period.
