Education startup Hippocampus has raised an additional $2.4 mn from the Asian Development Bank and Khosla Impact. Existing investor Unitus Seed Fund also participated in the round.
Hippocampus, which provides school and kindergarten programs, is currently operational in four districts of Karnataka.
The plan is to scale up availability of its EnglishSTAR & MathSTAR tuition programs and expand to 700 learning centers in 10 districts by 2016.
The startup, based in Bangalore, sets up learning centers in villages with a population of 3,000-20,000 people where the average income of a parent is Rs 60,000 per annum.
At an average tuition fee of Rs 240, its English and other courses are pretty effective in these areas. The company was founded in 2010 and currently operates 128 such learnning centers. This year, it is expecting to teach 7500 children and employ 400 teachers.
In January 2014, the startup had raised $600,000 from Unitus Seed Fund, Acumen Fund & Lok Capital.