Reflective of endorsement of Practically business model and increasing brand stature
Practically, a learning app designed to make learning immersive for students of classes 6-12, announced today that it has secured a strategic investment of $5 Million from NB Ventures (U.A.E), Earlsfield Capital (UK), Almoe Group of Companies (U.A.E) and Ncubate Capital (the investment arm of The SAR Group) in the run-up to raising Series B funding early next year.
The company will leverage these investments to expand its operations across India, the Middle East and Southeast Asia with a focus on marketing, product development, scaling up the business & sales verticals, and driving tactical hiring to consolidate its strong foothold in the EdTech sector.
The company has previously raised $9Mn funding from prominent investors like YourNest Venture Capital, Exfinity Ventures, and Siana Capital and with the current round, the total investment raised stands at $14M.
Speaking on the development, Ms Charu Noheria, Co-Founder and COO, Practically, said, “We are excited to welcome a new group of investors, as we gear up for the Series B fundraise in the next few months in a bid to make Practically a global brand. The Practically app has also enabled continued experiential learning for 1.5M students since its launch during the first lockdown. This strategic investment not only re-establishes investors’ faith in the business but also gives us the stimulus required to enhance learning outcomes in students and empower teachers.
Commenting on the same, Neelesh Bhatnagar, Managing Director of NB Ventures said, “We value this strong and constructive relationship that we have formed with Practically. Edtech has been an extremely important space for us and we believe in working with brands that are committed to revolutionize this industry. We are supportive of Practically’s vision and firmly believe that through their high-end solutions they will continue to make learning a happier space for students. We look forward to this association getting stronger as they deepen their commitment to the community of educators and students in the forthcoming year.”
Practically has established a distinct identity for itself as an app that has proven beneficial for schools and students leveraging the power of cutting edge technology. Within 16 months of the launch, the company has reached the milestone of 1.5 Million downloads and continues to grow exponentially.
Source: Business World