BWI: Inopen to Raise Rs 20 Crore of VC Fund

Press release from Business Wire India
Source: Inopen
Friday, November 02, 2012 03:13 PM IST (09:43 AM GMT)
Editors: General: People; Business: Banking & financial services, Business services, Education & training, Financial Analyst, Information technology; Technology
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Inopen to Raise Rs 20 Crore of VC Fund
The company has raised a seed funding of $50,000 from Ventureast in Aug 2011

Mumbai, Maharashtra, India, Friday, November 02, 2012 -- (Business Wire India) -- Inopen, an educational start-up which focuses on developing high quality academic content for computer science education, is planning to raise Rs 20 crore of venture capital (VC) funds. The company, which started in 2009 by Rupesh Shah and IIT Bombay's professor Sridhar Iyer has raised seed funding of around $50,000 from Ventureast Tenet Fund. It is understood that the company is in touch with some leading VC which have interests in education and funds around $2 million to $5 million in funding.

The company provides tailor-made solutions for teaching computer science to around 125 private schools, across India and is reaching out to 300,000 students. With the money raised the company aims to create more content in subjects other than computer science and also enter newer markets in the state.

"Presently, we are touching around 3 lakh students across cities and aims to touch the lives of 1,000,000 students by 2013. Our solution is mainly for private schools and is priced between Rs 150- Rs 550 per year", said Rupesh Shah Co-Founder and CEO InOpen Technologies. The company's solution is used by schools in Maharashtra, Andhra Pradesh, Tamil Nadu, Kerala and Rajasthan, and it is now planning to enter the Bangalore market. "Bangalore offers as a huge market and we are planning to this market soon," he said

InOpen has also been selected by the State Governments of Assam and Bihar to teach school children in government schools and officer/clerk level employees also. The company is teaching around 4.5 lakh students of class 6-12 in the government schools of these states. Sridhar Iyer Professor in the Department of Computer Science & Engineering IIT Bombay, Sateesh Andra Managing Partner of Ventureast Tenet Fund and Shridhar Shukla Founder and Managing Director of GS Lab are the members of the board.

About Inopen:

InOpen Technologies Pvt. Ltd. is an IIT Bombay based Educational startup. The Company was started in Oct 2009 and has its office in the serene campus of IIT Bombay. It designs, develops world-class educational content and solutions for academia. The solution is designed based on the inputs and extensive validations from academicians in the country and abroad. InOpen offers products and services to government and private schools and meets the requirements of state, national and international boards. InOpen is among the few companies that work full time in-sync with open standard. InOpen envisions itself as developer of Computer learning system by creating quality education standards using Open Standard. InOpen takes pride in their research, the academic team comprising of professors, psychologists and experts in various fields from world-class universities.



CONTACT DETAILS
Anushree Mittal, Assistant Manager-Corporate Communications, Inopen, +91 9619903712, anushree@inopen.in

KEYWORDS
PEOPLE, BANKING, BUSINESS SERVICES, EDUCATION, Financial Analyst, IT, TECHNOLOGY

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