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Venture Capital | 12 August 2014

Marketplace For Tutors FlipClass Raises Funds Through LetsVenture

by Tilak Devadiga
Marketplace For Tutors FlipClass Raises Funds Through LetsVenture
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Online portal for connecting tutors to students, FlipClass has raised INR 15 Mn through an online funding platform LetsVenture.com. The funding led by Hareesh Ramanna, founder of Singapore based BlueCap Mobile Holding will be taken to expand into one more city.

The company is currently present in Bangalore and Hyderabad and has about 1000 tutors and 500 students in Bangalore.

Founded in 2013 by IIT-Kanpur graduate and former head of online services for Pearson India, Vineet Dwivedi, FlipClass enables parents to find pre-screened and tested tutors and gets its topline in the form of 20-30% commission of the fees and passes the rest to tutors.

The company is planning to expand into 50 cities with a population of more than one million and is aiming revenues of $150 Mn in the next five years. Other players competing in the $10 Bn home tuition space include TutorIndia and MyPrivateTutor.

Funded by Accel Partners LetsVenture was launched in 2013 by Shanti Mohan, Sanjay Jha and Manish Singhal with the initial capital of R30 lakhs to start the operations. LetsVenture is an online curated platform to connect startups and early stage investors to make fund raising easy for startups.

Recently Delhi based two year old startup Bluegape had raised funds over INR 15 Mn from LetsVenture.

-ET

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