Fastudent, India’s first B2B2C education e-commerce marketplace has announced a pre-series A fund raise from a group of investors including Kanwaljit Singh- Fireside Ventures, Ajay Lakhotia- former director at Vertex Venture and Pavan Ongole- former director at SoftBank. Ashish Gupta- trustee at Ashoka University and former COO of eValueServe, who invested in angel round, also participated.
Founded by Gaurav Barman and Geetanjali Khanna, the e-commerce start up will utilise this round of funding to expand their presence in Mumbai, Bengaluru, Pune and other cities and strengthen their technology platform. Fastudent currently offers this service to schools in Delhi NCR only.
Commenting on the funding, Singh said, “Fastudent has tapped into a consumer need for school-endorsed education supplies coupled with the convenience of e-commerce deliveries. The young and dynamic team intends to service the education fraternity like never before by creating a highly personalised brand experience for its audience."
Fastudent with its current capability to service the complete education bandwidth from playgroups to post graduation, has partnered with more than 200 education institutes. Using Fastudent’s exclusive technology platform, the institutes can now have their own customised white labeled e-commerce stores.
Lakhotia said, "Vertical e-commerce has the capability to build specialised products and services around its target audience and develop deeper engagement with customers. Fastudent could eventually become the 8dol.com of India."
Interestingly, 8dol.com, a Chinese campus O2O services provider backed by several VC investors, has raised an extended Series B round worth $30 million.
“I believe Fastudent will be India's number 1 student network aligned with parents and teachers. From a curated marketplace for every purchase in a school year, to a deeper understanding of their needs around learning,” said Ongole.
Speaking about the recent development, Khanna said, “India’s education supplies market is highly fragmented and disorganised, we at Fastudent are relentlessly engaged to bind the Indian education sector. Our focus is to provide a blended module of consultative, customised and modularised digital learning to learners. We aim to make education a happy experience for students, parents and institutions. "
Gupta, who invested in the previous round, said, "The model has blended into the existing education ecosystem faster than our expectations. The last few months have been phenomenal in terms of numbers and the market validation has been extremely encouraging. In the coming months, the team is going to build a strong foothold in the education supplies market.”