InOpen Technologies, an education company incubated in IIT Bombay has raised series A funding from Benesse Holdings, a Japanese education giant, in exchange of a minority stake.
The company, co-founded by Rupesh Kumar Shah and Dr. Sridhar Iyer raised seed investment from Ventureast in Aug 2011.
InOpen’s first product, ‘Computer Masti’ is a computer science learning solution that has been implemented in over 200 schools and used by 0.5 millions students in India, the company said. InOpen & Benesse, want to jointly develop products for the global education market, starting with USA & Japan.
The company is in talks with investors to raise more money.
Rupesh Kumar Shah, Co-Founder & CEO, InOpen, said,
The capital will allow us to build a strong team, increase our customer support bandwidth and further expand on our leadership position in this sector.
Benesse has made this investment from the Benesse Social Investment Facility (“BSIF”), a $15 mn fund established recently to invest in companies focused on solving social issues in education, child care and other related fields in emerging Asian countries and Japan.
Unitus Capital advised the company on this transaction. The firm was started in 2009 in IIT Bombay by Rupesh Kumar Shah and Dr. Sridhar Iyer.