Aakash Educational Services promoter Aakash Chaudhary has received backing from Zomato's Deepinder Goyal and Zerodha's Nitin Kamath for his new venture Sparkle Adventure. Kamath's Rainmatter Fund, known for its focus on fintech and sustainability, is participating in a $4 million seed funding round with Goyal, according to a report. Additional marquee investors are also expected to participate in this round.
Aakash launched Sparkle in October this year in partnership with MeritNation.com founders Pawan Chauhan and Ritesh Hemrajani. MeritNation, an edtech platform, was acquired by Chaudhary's family business, Aakash Educational Services Limited, in 2020. This was an important part of this cooperation. The venture follows AESL's historic $950 million sale to Byju's in 2021, one of India's largest edtech deals. Chaudhary holds 11 percent stake in AESL. Sparkle aims to provide online tuition to students in Years 6 to 12, with a focus on the International Baccalaureate (IB) and Cambridge curriculum.
plans to expand
Now it is planning to expand further by taking advantage of its technical capabilities. The platform was initially planned to launch in 2025, but with the product being ready ahead of schedule, the timeline was quickly pushed forward, a source said. The seed funding is expected to accelerate the rollout of Sparkle.
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