The round also saw participation of AI Rayan Holding Company in which UEC holds a majority stake.
The Delhi-based startup said it will utilise the capital to grow its business organically in India with a focus on supplemental at-home learning solutions, while it is also looking at expanding internationally in West Asia and then other markets such as Sri Lanka and Bangladesh. It added that it is also looking to pursue inorganic growth through acquisitions.
“Eupheus has established a strong presence in the B2B EdTech space in India and we look forward to expanding our geographical presence, increasing our engagement with schools, and bringing more innovative learning solutions to our target markets,” said Sarvesh Shrivastava, founder at Eupheus.
“We are excited to partner with UEC and ARHC to roll out our solutions across the Middle East,” Shrivastava added.
Founded by Shrivastava, Ved Prakash Khatri, and Amit Kapoor in June 2017, Eupheus claims it has partnerships with 5,000 schools and reaches 4 million students. It launched its home-learning solution Learn2Code in the second half of 2020, which has so far seen 700 schools signing up for the solution with 180,000 students using the service.
“We see a huge opportunity in utilising their (Eupheus’) offerings to improve learning outcomes across our network of schools in the Middle East. We feel that the omnichannel approach of Eupheus is the way forward to build a scalable profitable model in the EdTech space,” said Shaikha Dana Nasser Al-Sabah, Chairperson at UEC.
Eupheus said it became profitable in 21 months since starting its operations. It said it clocked a revenue of Rs 72 crore in FY20, and has a presence in more than 80 cities across India with a team strength of 175 people so far.