The funds raised will be used for growth & operational efficiencies and multiply its offline centres to reach out to the top towns over the next three years.
7th January 2021, Delhi : HobSpace, a Mumbai based startup aimed at enhancing extra-curricular activities for children, has raised around 1cr in Pre-Series A1 round by Inflection Point ventures, one of India’s largest angel investment platforms in India. HobSpace closed INR 3.3 crore Seed round from Artha Ventures, Angel List and others in October 2020.
HobSpace intends to transform the under-utilised school buildings, playgrounds, clubhouses, and community centres into educational playgrounds and hobby centres with diverse after-school activities. The Company has students from India, UAE, Singapore & South Africa.
Mitesh Shah, Co-Founder, IPV says, “With education moving online, children are increasingly finding it hard to carve out their play time. Even parents are worried about it and HobSpace, which has a mix of offline and online activities for children, makes their model quite attractive to us. Given the pandemic, HobSpace still logged 33% growth in subscriber base m-o-m. We also liked their focus on unit economics and business viability.”
Priyal Goel Sheth, Co-Founder, HobSpace says, “IPV has provided us tremendous support since our first engagement. One thing that we always stress upon at HobSpace is having great partners who can guide and mentor us while we build and scale this exciting model. With the large investor network at IPV, we have been able to learn many things from a very diverse group. IPV team has spent a lot of time with us to deep dive on business metrics and achieving efficiencies.”
Co-founded in 2019 by Priyal Goel Sheth and Harsh Jain, HobSpace quickly capitalized on-time availability with kids and the changing needs of learning, both in India and internationally, during the lockdown.
Hobspace intends to have 20 centres in top 3 cities in the next 12 months, to start with. The education industry has 350 million+ K-12 students in India, out of which 56 million kids reside in urban India. With INR 1,000 bn Supplemental Education Market (growth rate of 8%), there is a large, fast growing, untapped market opportunity that HobSpace is addressing.
Source: Business World
